Thane Investment Fraud Accused Arrested From Uttarakhand 3 Years For Rs 7 Cr Fraud

Ajay Usare, the main accused in a ₹7.14 crore forex trading fraud from 2022, was arrested in Uttarakhand after fleeing to Dubai and Nepal.

He and his associates promised 15% monthly returns, defrauding 91 investors.

Source : ABPLIVE AI

Thane, Jun 25 (PTI) The main accused in a Rs 7.14 crore investment fraud in Thane city has been arrested from Uttarakhand, nearly three years after the scam came to light, police said on Wednesday.

Deputy Commissioner of Police (Economic Offences Wing) Parag Manere said the accused, Ajay Usare (38), had floated a forex trading company in Thane's Wagle Estate area along with his associates and cheated gullible investors.

According to Manere, the arrest, the sixth so far, marks a crucial step forward in the investigation of the case involving a fraud of Rs 7,14,93,349 from 91 unsuspecting investors.

"The main player (Usare) in the investment fraud involving crores of rupees has been finally arrested," he said.

The fraud dates back to 2022, when the accused and his associates established a company under the name 'Divine Power Forex Trading' . "The accused floated different investment schemes and promised 15 per cent interest each month for 15 months to investors," said the DCP.

Lured by the promise of high returns, several investors poured their money into the various schemes of the company. However, when the returns stopped and the company shut operations, the victims approached the police.

Based on multiple complaints, the Wagle Estate Police registered a First Information Report (FIR) under various sections of the Indian Penal Code, including 420 (cheating), 406 and 409 (criminal breach of trust), 34 (common intention), and 120B (criminal conspiracy), and relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act.

Manere said the case was transferred to the Cyber Cell of the Thane Police on October 7, 2024 and a dedicated team of officers began tracking the main accused, Usare, who had reportedly fled India and stayed with concealed identity in foreign locations such as Dubai and Nepal.

"The team worked on technical inputs and leads and finally tracked him to Dehradun, Uttarakhand, on June 13," said the police officer.

Usare was subsequently brought to Thane and produced before a magistrate, who remanded him to police custody until June 26.

The DCP informed that Usare is the sixth accused to be arrested in the case.

"There is a likelihood of some more partners (who were associated with the forex firm) being involved in the crime. Police were conducting further probe," he added.

The investigation has already led to the securing of assets worth approximately Rs 8 crore, believed to be linked to the proceeds of the fraud, Manere said. PTI COR RSY

(Disclaimer: This report has been published as part of the auto-generated syndicate wire feed. Apart from the headline, no editing has been done in the copy by ABP Live.)