Forex fraud: 40-yr-old held; cheated many to repay gold loan

Gaurav Arora, 41, a Versova resident wanted to go on a Europe trip with his wife. On August 1, he found the website www.jayanandforex.com and called on the number listed, to exchange his Rupees for Euros.

A 40-year-old man from Mira Road was arrested by the Versova police on Saturday for allegedly duping several people across India through a fake foreign exchange website.

Arora made an advance payment of Rs 1.52 lakh to get 2,000 Euros, however, after receiving the payment, the accused switched off his mobile phone. Police later found out that the money was transferred to repay a gold loan that Nadar had taken. (HT FILE)

The accused Jayanand Nadar used the money to repay a gold loan he had taken.

Confirming the arrest, senior police inspector of Versova police station said, “The accused has been remanded to police custody for further probe.” He has been charged under section 420 (cheating) of the Indian Penal Code (IPC).

According to the police, the complainant, Gaurav Arora, 41, a Versova resident wanted to go on a Europe trip with his wife. On August 1, he found the website www.jayanandforex.com and called on the number listed, to exchange his Rupees for Euros.

Arora made an advance payment of Rs 1.52 lakh to get 2,000 Euros, however, after receiving the payment, the accused switched off his mobile phone. Police later found out that the money was transferred to repay a gold loan that Nadar had taken.

After Aurora filed a complaint with the police, a team led by assistant inspector Sohan Kadam laid a trap in Mira Road on Saturday and Nadar was arrested.

“We have seized eight mobile phones, one laptop and two data cards from him,” said Kadam.