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Mumbai family buying forex online for Euro trip cheated of Rs 1.5 lakh

Date: 17-09-2019
Subject: Mumbai family buying forex online for Euro trip cheated of Rs 1.5 lakh
MUMBAI: When planning a family trip to Europe, a 41-year-old man got on the internet to buy foreign exchange at a cheap rate and ended up poorer by Rs 1.5 lakh. The Versova police tracked down and arrested the accused, Jayanand Nadar, from his Mira Road residence

The police said on August 1, the complainant, Gaurav Arora, was browsing for forex firms when he found a website, Jayanandforex.com, that claimed to sell euros at the lowest possible rates. The website offered Rs 76.15 against one euro, and Arora, who wanted to buy 2,000 euros, found the deal agreeable. Subsequently, Nadar called up Arora and asked for details to facilitate the foreign exchange purchase. He asked Arora to transfer Rs 1.52 lakh into his e-wallet account and promised to send the euros. But as soon as the money was transferred, Nadar switched off his phone. Arora realised that he had been duped and registered a police complaint. 

During investigation, police found that the money transferred into the e-wallet was being used to repay a gold loan to a finance company. Police visited the company’s Mira Road office and learnt that the loan had been availed by Nadar. A trap was laid based on a tip-off that Nadar was to revisit the office to apply for another gold loan and he was arrested. 

Source: timesofindia.indiatimes.com

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