Thane Businessman Loses ₹4.11 Crore in Forex Scam

A 42-year-old Thane businessman was allegedly swindled out of ₹4.11 crore by cyber fraudsters, including foreign nationals, in a sophisticated forex trading scam, police reported on Friday. The perpetrators, operating under the guise of Metaxoption Company, lured the victim with promises of high returns between March and July 2025.

The Thane Cyber Police registered a case on Wednesday against individuals identified as Tracy Clerk, Paul J. Tudor, Bran Camron, and Benjamin Jadore, along with Metaxoption Company, under sections 318(4) (cheating) and 316(5) (criminal breach of trust) of the Bharatiya Nyaya Sanhita, and provisions of the Information Technology Act. The complainant was persuaded to transfer ₹4.11 crore into multiple bank accounts provided by the accused after receiving fraudulent trading links, according to a police official.

When the victim sought returns, the accused evaded his queries, raising suspicions. “The money trail spans several accounts, likely linked to overseas operations,” the official said, noting that no arrests have been made. Technical analysis and bank transaction scrutiny are ongoing to trace the funds, with suspicions pointing to Dubai or Nigeria as possible bases for the scammers, based on similar cases reported in 2025.

Also Read: Navi Mumbai Contractor Loses Rs 52 Lakh in Sophisticated Crypto Scam

This incident follows a pattern of cyber frauds in Maharashtra, including a ₹36 lakh stock trading scam in Thane where a key accomplice, Hyder Sayyed, was arrested for facilitating mule accounts. The public is urged to report suspicious schemes to the cybercrime helpline (1930) or cybercrime.gov.in.

Also Read: Kolkata Police Nab Four in Cyber Fraud Bust