Mumbai: Two Held for Cheating Builder of Nearly ₹1 Crore in Forex Trading Fraud

The Cyber Police of the Western Region Division has arrested two men for allegedly cheating a builder of nearly ₹1 crore under the pretext of forex trading. The arrested accused have been identified as Sameer Pasankar and Akhil Shaikh, both of whom are currently in police custody. Police allege that the duo provided their bank account details to cyber fraudsters to facilitate the scam. Further investigation is underway.

According to the police, the complainant is a 65-year-old builder residing in the Kala Nagar area with his family and is engaged in the construction business. In June 2025, he received a friend request on social media from a woman identifying herself as Aaradhya Singh, which he accepted. The two subsequently remained in contact.

During their conversations, the woman claimed that she was involved in the shipping business and resided in the CBD area of Navi Mumbai, where she allegedly had a private office. She also claimed to own a house and office in Delhi.

She later introduced the complainant to forex trading, assuring him of high returns and gradually gained his trust. On her advice, the builder agreed to invest and was sent a link, through which he uploaded his personal details, including his mobile number and bank account information. He was then provided with a user ID and password.

Between August 22 and October 17, 2025, the complainant invested a total of ₹1.02 crore through the said account. The forex trading application showed that his investment had grown to USD 669,105.50, including profits.

However, when the complainant attempted to transfer the amount to his bank account, the transaction failed. On contacting Aaradhya Singh, she allegedly informed him that he would first have to pay a substantial amount as tax, failing which neither the principal amount nor the profits would be released. When the complainant expressed his inability to pay, she eventually stopped responding and blocked him.

Suspecting fraud, the builder approached the Western Region Cyber Police, following which a case was registered against Aaradhya Singh and other unidentified persons under charges of cheating and relevant sections of the Information Technology Act.

While tracing the bank accounts into which the defrauded money was transferred, police, based on technical analysis, detained Sameer Pasankar and Akhil Shaikh for questioning. Investigations revealed that the cheated amount was credited to their bank accounts and later transferred to the cyber fraudsters. In return, they allegedly received a fixed commission.

Police further stated that both accused were in contact with the cyber criminals and had knowingly shared their bank account details to facilitate the fraud. Following these findings, both were arrested. Further probe into the racket is ongoing.