Mumbai Crime Branch busts Forex scam, arrests three brothers
Mumbai Crime Branch has arrested three brothers who lured investors to invest in foreign exchange promising huge returns
In Short
- Police arrested three brothers who ran foreign exchange scam
- They have duped 500 persons across the country to the tune of Rs 7 crore
- Cops think that the scam can be bigger
The Unit III of Mumbai crime branch has busted an inter-state foreign exchange investment fraud and have arrested ten persons. The accused involved have duped around 500 persons from all over the country to the tune of around Rs 7 crore using a website named www.moneytrading.com
The accused lured investors to invest money into foreign currency through their website promising huge returns in short time. The accused made use of the application 'pay you' for accepting payments and the money invested would eventually be routed to account of the accused.
The scam was run by three brothers namely Tanveer Shaikh, Asad Shaikh and Shahrukh Shaikh. They had formed a company by the name of Multi Business Center Service. They operated from an office near Pritam hotel in Dadar, Mumbai.
The Unit III of Mumbai crime branch received a tip off after the office premises were raided and 96 laptops alongwith 17 mobile phones were seized.
Cops suspect that the number of people duped may be greater and even the amount can be much more than Rs 7 crore. Police have arrested seven associates of the trio as well.
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