Abstract：Click, Trade and Loss - That’s all it took for a Thane-based businessman to lose around INR 4 crore in a forex scam. As the news broke, the cyber cell of the Thane police filed a case against four foreign nationals and an online trading firm for their alleged involvement in duping a local businessman of INR 4.11 crore under the pretext of high returns on forex trading.
Click, Trade and Loss - Thats all it took for a Thane-based businessman to lose around INR 4 crore in a forex scam. As the news broke, the cyber cell of the Thane police filed a case against four foreign nationals and an online trading firm for their alleged involvement in duping a local businessman of INR 4.11 crore under the pretext of high returns on forex trading. The authorities are investigating this incident, which took place between March and July 2025. They have suspected the accused of operating from overseas.
The List of Accused in This INR 4 Crore Forex Scam Saga
The police officials have identified the accused as Paul J. Tudor, Tracy Clerk, Benjamin Jador and Bran Cameron, as well as an online trading platform, i.e., Metaxoption Company. The FIR, registered based on the complaint raised by the 42-year-old businessman, mentions several Indian Penal Code Sections such as 418 (4) (Cheating), 416 (5) (Criminal Breach of Trust), and several relevant sections of the Information Technology Act.
How Did the Accused Manage to Dupe This Businessman?
According to investigators, the accused contacted the victim earlier in 2025 and presented themselves as experienced forex trading professionals. All four accused sent trading links to the businessman at regular intervals and promised him substantial and guaranteed returns on investments.
Impressed by tall return claims, the businessman deposited INR 4.11 crore to bank accounts in multiple tranches. As these accounts were spread across several financial institutions, the tracing process has thus become complicated. However, when the businessman checked about the promised returns, the accused either avoided communication or deviated from his questions.
Stunning Revelations of Funds Routed Through Multiple Accounts
Thane Police revealed growing indications of funds getting routed through multiple domestic and international accounts, making it difficult to detect the trail. Investigators suspect the operators to have been operating from overseas using sophisticated cyber tools to hide their identities and prevent detection.
However, the police have yet to make an arrest in this case. As of now, technical analysis and bank transaction examinations are on to ascertain the exact fund trail and the network reach. Importantly, authorities have approached relevant banks for detailed statements and are seeking assistance from Interpol to nab these suspects if they are confirmed to be executing this heinous financial crime from overseas.
The case is a stark reminder of the cross-border cyber fraud duping high net worth individuals under the pretext of guaranteed and high returns on forex trading.
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