` 6cr forex racket busted, 10 arrested from Dadar

The Mumbai crime branch Unit 3 arrested ten people on Friday for cheating 500 victims of Rs 6.36 crore through a bogus forex exchange trade website known as Money Trading.com. The victims were promised high returns on investments.

The ten people arrested during the raid at M/s. Multi Business Center Service at Dadar are: the directors of the firm, Tanveer Tahir Ali Shaikh, 32, Tanveer’s brothers, Asad Tahir Ali Shaikh, 27, and Shahrukh Tahir Ali Shaikh, 25; the employees Vyankatchalam Mariappa, 28, Fayyaz Umer Shaikh, 40, Sanjay Kapoor Vaishnav, 28, Parvez Maqbool Khan, 40, Mohammed Jafar Shaikh,

The accused created a website called Money Trading.com and promised handsome returns on trading of foreign exchange. During the search, 96 laptops and 17 mobile phones were seized. They would receive the payment with the help of the app ‘PayU’ and this would be credited directly into the personal accounts of the accused — JAGDISH SAIL, Sr PI, Crime Branch Unit III

27, Imran Maqbool Khan, 34 and Azarruddin Daud Ali Shaikh, 28, have also been arrested.

According to Jagdish Sail, senior police inspector, crime branch unit 3, “We had received information about the duplicate foreign exchange (forex) operating from Dadar. A raid was conducted at M/s. Multi Business Centre Service near Pritam Hotel at Dadar. During the raid, it was revealed that the accused were running a bogus foreign exchange (forex) platform to lure people for investing money in the foreign exchange trade. They created a website called Money Trading.com and promised handsome returns on trading of foreign exchange. During the search, 96 laptops and 17 mobile phones were seized.”

The accused would receive the payment with the help of the app ‘PayU’ and this would be credited directly into the personal accounts of the accused.

A First Information Report was registered by Matunga Police in April for cheating (Section 420), common intention (Section 34) of the Indian Penal Code and punishment for sending offensive messages through communication, service etc(Section 66 (A), punishment for dishonestly receiving stolen computer resource or communication device (Section 66(A)), punishment for dishonestly receiving stolen computer resource or communication device (Section 66(b)) and punishment for cheating by personation by using computer resource (Section 66(d)) Information Technology Act, 2000.

All the 10 accused persons were produced before the 37th Esplanade court and remanded in police custody for three days.