<p>The crime branch acted on confidential information about fraudulent call centres operating out of <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/mumbai-fight-breaks-out-outside-malad-bar-between-staff-and-customers-police-file-counter-cases-23396945" target="_blank" rel="none noopener"><strong>Malad </strong></a>(West) in Mumbai and arrested 14 people in connection with it.</p>
<p>According to the police, these fraudsters used to lure customers by telling them that they would earn profits if they invested in the Forex market.&nbsp;</p>
<p>The accused allegedly posed as representatives of a United Kingdom (UK)-based broking firm, VFX Markets, and promised guaranteed high returns on forex market investments. They reportedly tricked investors into trading on an app, showing initial profits to gain trust, before manipulating transactions to show significant losses.</p>
<p>The funds, amounting to lakhs of rupees, were then illegally transferred for the accused&rsquo;s benefit.&nbsp;</p>
<p>Following a tip-off, teams of officers from crime branch unit 8 were swiftly deployed, and raids were conducted at the accused's office, located on at Quotum Tower on Chincholi Bandar Road. Fourteen people were found operating unauthorised call centres during the raids. The authorities seized 16 desktops, two laptops and mobile phones each as well as other incriminating documents related to the scam, said to be worth Rs 2.4 lakh, from the accused, <a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/mumbai-firs-registered-in-2-separate-road-rage-incidents-by-city-police-23409292" target="_blank" rel="none noopener"><strong>Mumbai Police </strong></a>said.&nbsp;</p>
<p>Mumbai Police registered a case against the accused under the relevant sections of the<a href="https://www.mid-day.com/mumbai/mumbai-crime-news/article/mumbai-man-charged-under-new-law-for-misleading-lover-23397998" target="_blank" rel="none noopener"><strong> Indian Penal Code</strong></a>, the Indian Telegraph Act, the Information Technology Act, and the Maharashtra Protection of Interest of Depositors in Financial Institutions Act, 1999.</p><p>
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The accused allegedly posed as representatives of a UK-based broking firm and promised guaranteed high returns on forex market investments, Mumbai Police said

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According to Mumbai Police, the fraudsters used to lure customers by telling them that they would earn profits if they invested in the Forex market

Mumbai Police bust fake call centre in Malad, arrest 14 people for duping investors of Rs 2.4 lakh

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