A team from Unit 6 of the Mumbai Police Crime Branch has busted a fraud racket that lured victims by promising US dollars at attractive exchange rates in return for Indian currency.
Four men—Afzalali Riyasatali Syed (42), Rais Ahmed Abdul Jabbar Syed (46), Abidur Rehman Mohiuddin Shah (25), and Adil Sahil Khan (40)—were arrested in connection with the scam.
The gang deceived victims by dipping genuine dollar bills coated with black dye into a chemical solution, creating the illusion of turning black paper bundles into real currency. They then cheated victims with fake bundles made of black paper cut to the size of dollar bills.
The case was registered on July 8 after police received intelligence about the gang’s operations at Shivkrupa Hotel Residency, Room 109, near T-junction, Mankhurd, Mumbai.
Acting on a tip-off, Unit 6 officers—including PI Bharat Ghone, PI Sawant, API Dhutraj, and API Chikne—raided the location, arresting the four accused with incriminating evidence.
Authorities seized 42 bundles of black paper sized like dollar bills, four 5-litre cans and one bottle of chemical solutions, six used mobile phones, and Rs 30,400 in cash.
The accused underwent medical examinations before being produced in the 37th Metropolitan Magistrate Court, which remanded them to police custody until July 11, 2025.
Further investigation is ongoing.
