₹71M Forex Scam Progress: Key Accused Caught After 3 Years, ₹80M in Assets Seized, More Arrests Likely

Nearly three years after a ₹71.4 million forex trading scam came to light in India, Thane Police have arrested the main accused, police officials confirmed on Wednesday.

Ajay Usare, 38, allegedly operated different investment schemes through a forex trading firm called “Divine Power Forex Trading”, set up in 2022 with several associates. The company lured 91 investors by promising monthly returns of 15% over 15 months, an offer that turned out to be a scam.

According to investigators, Usare and his associates collected a total of ₹7,14,93,349 before ceasing operations and vanishing, prompting multiple complaints from victims. Following an initial First Information Report (FIR) registered at Wagle Estate Police, the case was transferred to Thane Police’s Cyber Cell on October 7, 2024.

A dedicated investigative team began tracing Usare, who had reportedly left India and assumed false identities in locations including Dubai and Nepal. Acting on technical surveillance and intelligence inputs, the team finally located and apprehended him in Dehradun, Uttarakhand, on June 13.

Usare was brought back to Thane and presented before a magistrate, who remanded him to police custody until June 26. Usare is the sixth accused who has been arrested in the case.

Authorities say the investigation remains ongoing, with additional suspects likely implicated. Police have already seized assets worth approximately ₹80 million, believed to be linked to the proceeds of the fraud.

Before investing, always verify the legitimacy of the trading platform and avoid being swayed by promises of high returns. If you suspect you have fallen for a forex scam, you can Submit a Complaint to BrokersView.