In a significant breakthrough, the Crime Branch has arrested the fifth accused involved in an interstate fraud network operating under the guise of a forex investment scam. The accused, Hiren Patel , who was aGujarat after being trackedtechnical surveillance. Patel, a resident of Bharuch , is an **MBA graduate and acted as a middleman who transferred the defrauded money to the gang’s leaders, including one based in Dubai.
The scam, which targeted a businessman, resulted in a loss of Rs4.85 crore. The accused, posing as forex investment experts, lured victims by showcasing fake profits and convincing them to invest large sums of money.
According to Additional DCP (Crime), Rajesh Dandotiya, Patel was instrumental in facilitating the fraudulent transactions. The Crime Branch had previously arrested four other members of the gang from different parts of India, including Aryan Gupta (NagMohammed Faiz (Raipur), Mohammed Amir (N)Sohel Khan (S)
The scam began when the victim, a businessman, was added to a WhatsApp group by one of the fraudsters. He was shown fake profits from forex market investments. Initially skeptical, the victim was soon convinced after seeing a ₹40,000 profit from an initial investment of Rs10,000 through a fraudulent software called MStock Max.
Encouraged by the apparent success, the victim proceeded to invest a massive Rs4.85 crore into the scheme. The fraudulent software continued to show inflated profits, promising up to Rs16 crores. However, when the victim tried to withdraw his earnings, the withdrawal failed, prompting him to file a complaint with the Crime Branch.
The police traced the network to Gujarat, where **Hiren PatHiren Patel had been aliveNarendra Patel in Anand district, roughly 250 km from his original home. Patel was found to have facilitated the transfer of the defrauded funds to Dubai, where a key gang leader, identified as Rubel, resides. Rubel is believed to have connections in Punjab, as evidence showed funds being routed through accounts there.
Patel allegedly confessed during questioning that the gang operated across India, using fake online trading software to deceive victims. Patel had transferred Rs50 lakh to a shell company named Manav Enterprises, and the funds were then routed through two different accounts to Dubai. Rs30 lakh went directly to Rubel, while the remaining Rs20 lakh was sent through another channel.
The Crime Branch has managed to recover Rs75 lakh of the defrauded money, which has been returned to the victim. Additionally, Rs70 lakh per monthfrozen and will be returned once court proceedings are complete.
This arrest is part of an ongoing investigation into the interstate forex fraud network, which continues to exploit unsuspecting victims under the guise of high-return investments in the forex market.