Four Navi Mumbai residents were allegedly defrauded of Rs 28.4 lakh in a forex trading scheme promising high returns, prompting a police investigation into the businessman behind the fraudulent investment opportunity.
Key Points
- A Navi Mumbai businessman is accused of defrauding investors through a forex trading scheme.
- The accused allegedly promised returns of 18-20% annually and monthly payouts of 4-6%.
- Victims invested in 'Trading Hub Academy and Set Up Enterprises' between 2022 and 2024.
- The businessman stopped payments, moved his office, and blocked the victim's phone number.
- Police have registered a case and are investigating the alleged forex trading fraud.
Four persons from Navi Mumbai were allegedly duped of Rs 28.4 lakh by a businessman who lured them with the promise of high returns in forex trading, police said on Sunday.
Forex Trading Scheme Details
Based on a complaint lodged by one of the victims, a first information report was recently registered against Sachin Bapu Gunjal, a local businessman, under sections 316(2) (criminal breach of trust) and 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita, an official said.
The complainant, a real estate agent, allegedly invested in a scheme promoted by the accused's firm, 'Trading Hub Academy and Set Up Enterprises', in Kamothe between 2022 and 2024, he said.
Enticing Investors With High Returns
According to the complaint, Gunjal allegedly enticed investors by claiming he could generate 18 to 20 per cent profit through forex trading and promised monthly returns of 4 to 6 per cent. He further assured investors that their principal amount would be returned after 12 months.
The accused showed the complainant records of other investors and claimed to have a total funding of Rs 30 crore to gain his trust, the official said.
Payments Stopped, Accused Evades Contact
The victim initially invested Rs 1 lakh in January 2022, received regular returns until March 2024, and made additional investments. But the payments subsequently stopped, and when confronted, the accused allegedly gave evasive answers, moved his office and eventually blocked the victim's phone number, he said.
A probe has revealed that four investors, including the complainant, were duped of Rs 28.40 lakh, the official said, adding that no arrest has been made in the case.
