The Latest Arrest Cases in Illegal Forex Trading

The police authorities have taken strict action against illegal forex trading in two separate cases. These cases saw the arrests of the accused, going beyond the usual raiding and seizure of assets. One incident involved the arrest of the INR 7-crore Thane forex trading scam mastermind and another is a 43.38 lakh scam where the accused duping a textile unit owner is arrested. Two different cases but one thing in common - The ARRESTS. Lets read out these two cases and the arrests that have happened.

Wagle Estate Police Nabs the 7-Crore Thane Forex Trading Scam Mastermind After 3 Years in Dehradun

The police nabbed the mastermind of the INR 7.14 crore forex trading scam held in Thane three years from Dehradun, Uttarakhand. Parag Menere, Deputy Commissioner of Police (Economic Offences Wing) stated that Ajay Usare aged 38, had created a forex trading company in Thanes Wagle Estate area, in the company of his associates, which led to duping innocent investors. He marked this arrest of Ajay Usare (the mastermind), the sixth so far, as a crucial step in investigating this case that involved duping 91 investors.

The Forex Trading Scam Saga Involving Fake Promises of 15% Monthly Returns

Ajay Usare and his associates built Divine Power Forex Trading offering investment schemes that promised investors 15% monthly interest for 15 months, as per the DCPs statement. Falling prey to the fake high-return promises, people invested in several schemes the company was running.

Multiple Complaints Raised After Return Stoppage and Operational Shutdown

As returns stopped and the company closed its operations, the victims registered complaints against it in the police station. The multiple complaints led to the Wagle Estate Police registering a First Information Report (FIR) under several Indian Penal Code Sections. These include 406 and 409 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy), 34 (criminal intention), and relevant sections under the Maharashtra Protection of Interest of Depositors (MPID) Act.

Upon investigation, the police found that Usare, the prime accused, had moved out of India and stayed in foreign locations such as Nepal and Dubai with a hidden identity. However, the team strategized and worked on technical inputs to trace his final location i.e. Dehradun, Uttarakhand, and nabbed him on June 13, 2025.

Textile Owners 43.83 Lakh Loss Due to Forex Trading Scam is Even More Interesting

Ankit Vinod Rabadia, who operates a textile enterprise i.e. Radhe Industries in Pipodara, Surat, met Bhavesh Dholariya at the Gaay Temple in Kamrej in January 2024. This is where Bhavesh told Ankit that he made a lot of profits through several investments and would like to help him earn the same. Bhavesh shared contact details with Ankit and told him to meet at the office in Sarathana.

Interested in such claims, Ankit met Bhavesh at the office. Bhavesh showed him a broker site related to FP market trading. Ankit was assured of an 8% return on an investment worth INR 1 lakh in dollar-based trades. Ankit invested INR 1 lakh and received login credentials for Meta Trader 4 and Meta Trader 5.

After Receiving Returns, Ankit Faced Massive Losses

Ankit found things interesting as he received $1,097 in his account. He went on to invest an additional INR 30 lakh and raked in $33,000. Bhavesh came and told him to reinvest the same in forex trading. However, Ankit suffered losses worth INR 11.5 lakh by August 2024.

That made Ankit visit the office where Bhavesh introduced him to Mahesh Sheldiya, Risak Siroya, Kishor Vaghasia and Mukesh Ukani. All four claimed to be operating a Delta Hedging strategy being the agents of Super Nova Wealth Company.

Ankit again made additional investments worth INR 2 lakh to Bhavesh, INR 7 lakh to Mukesh, and INR 10.5 lakh to Mahesh. In total, he invested INR 50.5 lakh, out of which he received only INR 6.67 lakh from Mahesh. However, Ankit could not recover the rest of INR 43.83 lakh and the losses. Sarthana police registered a case upon Ankits complaint and arrested Bhavesh and Kishor Vaghasia on June 24, 2025. The police are searching for the other members of the five-member gang.

Conclusion

These two cases further remind us one must check the forex broker carefully, the forex trading app, and several other details before going ahead. At the same time, dont pay attention to the guaranteed monthly return promised by brokers on forex trading. That never remains the case. For namesake, you might receive them early. But soon, you will encounter losses and the broker will fly away.