Mumbai police arrest one in Rs 72.5 lakh Forex scam, two suspects remain fugitive

The Mumbai Police have arrested a man in connection with a high-profile forex trading fraud that cheated a local couple of Rs 72.5 lakh , officials confirmed. A search is ongoing for two other accused individuals, a man and his son from Kolhapur who allegedly collaborated in the scam.

According to police sources, the victims, residents of Borivali, first came in contact with the accused around three years ago. The accused presented themselves as major investors running a successful forex trading business and claimed that several people had earned high returns through them. Trusting these claims, the couple invested a total of Rs 72.5 lakh in installments between April and August 2022. The fraud was carried out during this period, and no recent installments were made.

Initially, the accused made some payments, which further built the couple’s trust. However, payments later stopped. When confronted, the accused promised to return the principal amount along with the promised returns. Subsequently, the cheques issued by the accused bounced, and all communication from their side ceased, prompting the victims to file a police complaint.

A case was registered against the accused under relevant provisions for criminal breach of trust, cheating, and other related charges . Soon after the case was filed, all three accused went absconding.

After nearly two years of investigation, Rajendra Nerlikar , one of the accused, was arrested on December 6. During interrogation, Nerlikar confessed to luring several people in Mumbai and Kolhapur into forex trading investments and defrauding them , revealing the scale of the operation.

Police have described the two other accused, a man and his son from Kolhapur as partners in the alleged forex trading business. Their whereabouts are currently unknown, and the search is ongoing. Authorities have urged anyone with information regarding their location to come forward.

This case highlights the increasing prevalence of forex trading scams and financial frauds , where fraudsters lure investors by posing as successful traders and promising high returns, often leading to significant financial losses for victims.