The main accused in a Rs 7.14 crore investment fraud in Thane city has been arrested from Uttarakhand, nearly three years after the scam came to light, police told the news agency PTI on Wednesday, June 25. Deputy Commissioner of Police (Economic Offences Wing) Parag Manere said the accused, Ajay Usare (38), had floated a forex trading company in Thane's Wagle Estate area along with his associates and cheated gullible investors.
According to Manere, the sixth arrest so far marks a crucial step forward in the investigation of the case involving a Rs 7,14,93,349 fraud from 91 unsuspecting investors. "The main player (Usare) in the investment fraud involving crores of rupees has been finally arrested," he said.
The fraud dates back to 2022, when the accused and his associates established a company under the name 'Divine Power Forex Trading'. "The accused floated different investment schemes and promised 15% interest each month for 15 months to investors," said the DCP.
Lured by the promise of high returns, several investors poured their money into the various schemes of the company. However, when the returns stopped and the company shut operations, the victims approached the police. Based on multiple complaints, the Wagle Estate Police registered a First Information Report (FIR) under various sections of the Indian Penal Code, including 420 (cheating), 406 and 409 (criminal breach of trust), 34 (common intention), and 120B (criminal conspiracy), and relevant sections of the Maharashtra Protection of Interest of Depositors (MPID) Act.
Manere said the case was transferred to the Cyber Cell of the Thane Police on October 7, 2024, and a dedicated team of officers began tracking the main accused, Usare, who had reportedly fled India and stayed with a concealed identity in foreign locations such as Dubai and Nepal.
"The team worked on technical inputs and leads and finally tracked him to Dehradun, Uttarakhand, on June 13," said the police officer. Usare was subsequently brought to Thane and produced before a magistrate, who remanded him to police custody until June 26.