Unmasking an International Forex and Gold Fraud Syndicate

An international fraud network has been uncovered in Maharashtra, defrauding people of over Rs 200 crore through online forex and gold trading scams. The perpetrators targeted victims via matrimonial and social media sites and used fraudulent trading websites. Seven arrests have been made, while key figures remain at large abroad.

Maharashtra police have dismantled a large-scale international syndicate responsible for defrauding hundreds of individuals through deceptive online forex and gold trading schemes, with losses surpassing Rs 200 crore, authorities disclosed on Tuesday.

So far, officials have apprehended seven suspects linked to over 50 criminal cases scattered across multiple states in India, with indications that the ringleaders orchestrated the operations from foreign locations.

Fraudsters reportedly ensnared victims by establishing trust on matrimonial websites and social media, later convincing them to invest in fraudulent schemes. On November 12, 2025, a significant raid on the Shivsai Residency Lodge and Boarding along the Mumbai-Ahmedabad Highway marked a breakthrough in the investigation.

(With inputs from agencies.)