Police have busted a fake online foreign exchange platform which was used to cheat at least 500 customers of over Rs 6.25 crore, an official said here on Friday.

According to an official, following a tip-off, the Crime Branch-III raided Multi Business Centre Services premises in Dadar east after investigations revealed that the accused were running a bogus foreign exchange platform to cheat people by luring them to invest in the foreign exchange trade.