Pune Forex Scam: Beed Cyber Police Arrest Two Stockbrokers

In a significant breakthrough in tackling online financial crime, the Cyber police station in Beed has arrested two individuals from Pune for allegedly orchestrating a forex trading scam. The arrests were made in Pune's Vimannagar area, successfully apprehending the accused who had been on the run since 2023.

The accused have been identified as Akshay Chhagan Yetale (32) and Rajesh Ganesh Chavan (30), both residents of Jalna district. They stand accused of defrauding a resident of Georai, Babasaheb Kamble, of ₹5 lakh by luring him with the promise of "unusually high returns" through foreign exchange (forex) investments.

The Modus Operandi and Arrest

The fraudsters employed a simple yet effective tactic: they convinced the victim, Babasaheb Kamble, that he could earn extraordinary profits in a short time through forex trading. After Kamble transferred the ₹5 lakh, the suspects immediately cut off all communication and went into hiding, prompting the victim to file a complaint.

Beed Superintendent of Police, Navneet Kanwat, confirmed that the breakthrough was achieved through extensive technical surveillance.

• Digital Footprints: The Cyber police team meticulously analyzed the suspects' digital financial footprints, communication trails, and cellphone location data.

• The Raid: Based on this specific intelligence, a special squad was dispatched to Pune, and after sustained monitoring, the duo was nabbed from the Vimannagar locality.

Investigation Reveals Larger Network

The police suspect that the scam may be part of a larger network targeting multiple victims. Inspector Nilesh Kele, who led the operation, stated that preliminary findings suggest the accused used fake trading screenshots and fabricated profit statements to gain the trust of their targets and attract more investors. The investigation is currently focused on tracing the flow of funds and digital records to identify any accomplices and recover the cheated amount.

A case has been registered against the duo under sections 420 (Cheating) and 34 (Common Intention) of the Indian Penal Code (IPC), along with sections 66 and 66C of the Information Technology Act, 2000. They were produced in court and subsequently remanded to police custody.

Public Advisory

In light of the incident, SP Kanwat issued a public advisory, strongly urging residents to remain vigilant against such schemes. "Do not fall for online claims of guaranteed high returns or quick-doubling schemes linked to forex or stock trading," he cautioned. "Fraudsters often use these tactics to trap innocent people." This incident serves as a critical warning against the rising tide of sophisticated online financial scams.