Navi Mumbai Forex Scam: Investors Duped of ₹28.4 Lakh, FIR Filed

Four residents of Navi Mumbai were allegedly cheated of ₹28.4 lakh by a local businessman who lured them with promises of high returns through forex trading, police said on Sunday. An FIR has been registered against the accused, identified as Sachin Bapu Gunjal, following a complaint filed by one of the victims. The case has been booked under Sections 316(2) (criminal breach of trust) and 318(4) (cheating and dishonestly inducing delivery of property) of the Bharatiya Nyaya Sanhita (BNS).

According to police, the complainant, a real estate agent, was introduced to an investment scheme operated by Gunjal’s firm, ‘Trading Hub Academy and Set Up Enterprises’, based in Kamothe. The accused allegedly promised 18 to 20 per cent returns through forex trading and assured investors monthly returns of 4 to 6 per cent, along with repayment of the principal within 12 months. Officials said the accused built trust by showing records of other investors and claiming to manage funds worth ₹30 crore.

Police clarified that no verified mobile application or regulated trading platform was found to be associated with the scheme, raising suspicion over the operations. The complainant initially invested ₹1 lakh in January 2022 and received returns until March 2024, after which he invested additional amounts. However, payments later stopped. When questioned, the accused allegedly gave evasive replies, shut down his office, and blocked the complainant’s contact number.

Investigations revealed that at least four investors were collectively cheated of ₹28.4 lakh. Police said no arrests have been made so far, and efforts are underway to trace the accused and examine the money trail. Authorities have advised the public to remain cautious of schemes promising unusually high returns, particularly in forex and online trading investments.