Currency trading: Two held for cheating

Palarivattom police, on Thursday, arrested two persons for cheating several people by collecting investments for currency trading in Kochi.

Palarivattom police, on Thursday, arrested two persons for cheating several people by collecting investments for currency trading in Kochi. The arrested are identified as Antony, 36, Cholamthara house, Thaikatussery, Cherthala, currently living at Vytilla and Jaykuttan, 38, Parikapally House, Kumbalam, currently living at Chelavanoor road in Kochi. Both were running a currency trading business in the name of Wismore Trading and Investment Consultancy Pvt Ltd having an office on the NH bypass near Vytilla from 2011.

According to police, both have collected around `8 crore from several people by promising 10 to 15 per cent dividends on their investment per month. The police had registered a case against the duo on the basis of complaints from two persons in Elammakara and Edappaly who had invested `67 lakhs and `43 lakhs respectively.

“The duo used to transfer the money to Wismore Trading FZC located in Dubai and Ajman Free Zones for investing in their foreign currency business. They started the company in Dubai and Ajman for escaping from RBI regulations. From Dubai, the money is converted into US Dollars which is traded with British Euros. The company used to gain profit from the variation on the value of the US Dollar in the international market. For gaining confidence of the investors, they used to give an agreement letter and cheque equal to the money given by the investors,”police officials said.

Majority of the victims of the fraud business were from Aluva, Kodungaloor, Cherthala and Kottayam. The  police had conducted raids at the office and residences of the accused in which they seized several documents related to the fraud business. After examination of the documents, police estimated that as many as `8 crore were seized from several investors.

The company also has offices in Chennai and Hyderabad. Both were produced before Judicial First Class Magistrate and remanded in judicial custody.

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