Forex Fraud Unraveled: Inside An International Scam

Delhi Police arrested three individuals linked to an interstate syndicate involved in a Forex trading scam managed by Dubai-based handlers. The accused created shell companies to launder proceeds from investment fraud. They deceived victims with false profit dashboards, routing money through layered accounts. Investigations continue to uncover more culprits.

The Delhi Police have apprehended three individuals, including a bank sales manager, in connection with an interstate syndicate tied to a large-scale forex trading scam operated by handlers based in Dubai, an official announced on Monday.

Those arrested are Anurag Kumar, a mule-account provider, Zeeshan Syed, a private bank's sales manager, and Himanshu Gupta, a notorious handler previously involved in similar frauds. They allegedly orchestrated a sprawling network that created shell companies and multiple mule accounts to launder the illicit proceeds of investment frauds, according to police.

The syndicate attracted victims through social media, using fake dashboards to exhibit fictitious forex profits, which led victims to deposit money repeatedly. The funds were transferred through a web of accounts under entities like 'Rebootz Sync Professionals Pvt Ltd' and 'ThinkSync Professionals Pvt Ltd'. An international link, Abdul alias Vickey, is under scrutiny, police added. The investigation is actively ongoing.

(With inputs from agencies.)