Thane businessman cheated of Rs 4.11 crore in forex trading scam

Thane: A 42-year-old businessman from Maharashtra's Thane city was allegedly duped of Rs 4.11 crore by cyber fraudsters, including foreign nationals, who lured him to invest in a fraudulent forex trading scheme, police said on Friday.

Based on a complaint, the cyber police on Wednesday registered a case against some foreign nationals and an online trading company.

"A case has been registered against one Tracy Clerk, Paul J Tudor, Bran Camron, and Benjamin Jadore, along with an entity named Metaxoption Company under sections 318(4) (cheating) and 316(5) (criminal breach of trust) of the Bharatiya Nyaya Sanhita, and relevant provisions of the Information Technology Act," an officer said.

He said that the complainant alleged the accused contacted him between March and July 2025, and persuaded him to invest in forex trading.

"They sent him trading links from time to time and assured high returns on investments. Believing their claims, the complainant transferred Rs 4.11 crore into the bank accounts provided by the accused," the official said.

When the victim followed up with the accused about the returns, they evaded his queries, he said.

The official said, "So far, no arrests have been made. The money trail spans multiple accounts, and we suspect the accused may be operating from overseas locations. Technical analysis and bank transaction scrutiny are underway."