In a major crackdown, the Maharashtra Police have dismantled a sprawling international syndicate accused of swindling hundreds of Indians out of more than Rs 200 crore through deceptive online forex and gold trading schemes. The operation has so far led to the arrest of seven individuals, with investigators believing the masterminds are operating from outside India.
How the Elaborate Scam Operated
According to Mira Bhayander-Vasai Virar Police Commissioner Niket Kaushik, the fraudsters employed a calculated method to gain their victims' trust. They first contacted individuals on various matrimonial websites and social media platforms, posing either as potential life partners or as high-net-worth investors.
After establishing a rapport, they would lure their targets with promises of exceptionally high returns from forex and gold trading. The accused then sent links to sophisticated but completely fake trading websites. These platforms displayed manipulated data to show虚假 profits, convincing victims to invest more money.
To receive the funds, the syndicate provided victims with "mule" bank accounts. Once the money was deposited, it was instantly laundered through a complex network of accounts, with a significant portion being transferred overseas, making recovery extremely difficult.
The Raid and Nationwide Connections
The breakthrough occurred on November 12, 2025, when a police team, investigating a specific fraud complaint, conducted a raid at the Shivsai Residency Lodge and Boarding located on the Mumbai-Ahmedabad Highway. Initially, five people were caught for conspiring to receive illegal funds through accounts used for money laundering and tax evasion. The number of arrests has since risen to seven.
A probe into the financial trails of those arrested revealed shocking connections to 51 different criminal cases registered across multiple states. These include Maharashtra (Mumbai, Thane, Nagpur), Delhi, Telangana, Karnataka, Haryana, Madhya Pradesh, Gujarat, Rajasthan, Uttar Pradesh, Uttarakhand, West Bengal, and Goa.
Masterminds Abroad and Ongoing Investigation
While the seven key suspects are now in judicial custody, Police Commissioner Kaushik indicated that the primary "masterminds" are suspected to be running the racket from a foreign country. "Our teams are working to trace the money trail, which currently exceeds Rs 200 crore. We are coordinating with various state police departments and cyber cells to consolidate these 51 FIRs and identify the overseas handlers," stated an official involved in the investigation.
The arrested individuals have been identified as Roshan Kumar Siddharama Shetty, Abir alias Sachir Mohammad Khan, Sanad Sanjeev Das, Rahul Kumar alias Kailash Rakesh Kumar, Aamir Karam Sherkhan, Abhishek Anil Narkar alias Gopal, and Mohammad Rashid Fakir Mohammad Baloch alias Lucky.
The Naigaon police have registered a case under relevant sections of the Bharatiya Nyaya Sanhita and the Information Technology Act for cheating and fraud. Authorities have issued a strong public advisory, urging people to exercise extreme caution regarding investment advice received through social or matrimonial platforms and to thoroughly verify the credentials of any trading website before transferring funds.
