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Four held in city for Rs 5 cr online forex trading fraud

Four Mumbai-based cheats were nabbed by the Cyberabad police on Thursday for duping gullible denizens of Rs 5 crore on the pretext of forex trading. 

Published: 22nd June 2018 03:57 AM  |   Last Updated: 22nd June 2018 03:57 AM   |  A+A-

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By Express News Service

HYDERABAD:  Four Mumbai-based cheats were nabbed by the Cyberabad police on Thursday for duping gullible denizens of Rs 5 crore on the pretext of forex trading. Those arrested are Shahnawaz Abdul Rehman Lakhani (26), Alok Pawar (25), Niket Shetty (26) and Nawaz Ansari(24) _ are residents of Mumbai. According to the police, one Swetha, a resident of Rajendernagar, lodged a complaint on May 8 this year that she had been defrauded by a forex trading service provider who collected over Rs 9 lakh from her and went absconding when she demanded returns on the investment. 

Speaking to media persons here on Thursday, Cyberabad police commissioner V C Sajjanar said that one of the accused, Shahnawaz Abdul, used to collect clients’ data of share marketing from various data providers like www.databaseindia.co.in, and send bulk messages to clients by assuring them of huge profits. 

“The accused explain prospective customers about various  packages Initially, the clients were shown some profits in their 4 accounts but, after collecting huge amounts of money from clients, the accused used to delete the account,’’ the police commissioner said. 



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