Police seize Rs 5 crore in forex scam

MUMBAI: The city crime branch, probing an illegal foreign

exchange

racket, on Monday seized around Rs 5 crore. Police said the amount was lying in various

bank

accounts of the main accused, Tanveer Shaikh, Faiyyaz Shaikh, Mohamed Shaikh, Parvez Khan, Sanjay Vaishnav and Imran Khan.


Police last week arrested three brothers and seven accomplices for cheating over 500 persons of over Rs 6 crore in the past one year in an online foreign exchange trading racket (Lured by ‘dollar returns’, 500 investors lose crores, TOI, July 27)).

Police arrested David Nadar, part of the fraudsters’ marketing team, on Monday. The accused set up a website, capitaltrade.com, and lured people into investing in foreign currency. Investors were contacted using voice over internet protocol (VOIP) from numbers registered in

Sri Lanka

. Once investors deposited the money, the accused would snap contact with them. The investors had no way to contact them as they made VOIP calls.