Eight arrested as police uncover currency exchange racket in Thane

Thane Police in Maharashtra apprehended eight individuals in connection with a currency exchange scam. The suspects allegedly defrauded the owner of a hardware shop in Navi Mumbai, swindling Rs 3,000 from him. The arrest was carried out on Wednesday morning, as reported by PTI.

According to reports, a resident of Jogeshwari in Mumbai, the accused approached him on Tuesday night, promising a favourable currency exchange rate. The victim, who runs a hardware shop in Vashi, Navi Mumbai, fell for their deception and handed over Rs 3,000 for the purported exchange. In return, the accused handed him a bundle, claiming it contained US dollars. However, upon inspection, the victim discovered that only one US dollar note was visible at the top and bottom of the bundle, with the rest filled with blank papers.

Realizing he had been cheated, the victim promptly reported the incident to the police, lodging a formal complaint. Subsequently, the police initiated an investigation, successfully locating and arresting the eight accused individuals involved in the scam. The arrested are identified as Mohammad Habib Mallik Sheikh, Mohammad Rahul Lukman Sheikh, Ismail Ayjul Sheikh, Mohammad Saheed Abdul Barik Sheikh, Javed Asfaque Khan, Bablu Manjoor Sheikh, Mohammad Muzaful Hasmuddin Sheikh, and Sobud Saifuddin Haji Sheikh.

An offence was registered under the Indian Penal Code (IPC) sections 420 (cheating) and 120B (criminal conspiracy). This operation led to the dismantling of the fraudulent currency exchange racket.