Ajay Usare, the main accused in a Rs7.14 crore forex investment fraud, was arrested in Dehradun, Uttarakhand, nearly three years after the scam surfaced. The arrest marks a significant breakthrough in the case involving 91 victims who were duped by promises of high monthly returns.
Deputy Commissioner of Police Parag Manere of the Economic Offences Wing stated that Usare had established ‘Divine Power Forex Trading’ in Thane’s Wagle Estate area in 2022. The firm offered investment schemes promising 15% monthly interest for 15 months, attracting several investors.
When the company abruptly stopped payouts and shut down, victims filed complaints leading to an FIR registered by Wagle Estate Police under multiple IPC sections including cheating, criminal breach of trust, criminal conspiracy, and relevant provisions of the Maharashtra Protection of Interest of Depositors (MPID) Act.
The investigation transferred to the Thane Police Cyber Cell in October 2024 tracked Usare, who had fled abroad and was hiding under a false identity in Dubai and Nepal before being found in Dehradun on June 13.
Usare was produced before a magistrate and remanded to police custody until June 26. He is the sixth accused arrested in this case. Police believe more associates may be involved and continue their probe.
Assets worth approximately Rs8 crore linked to the fraud have already been seized.
