The cyber cell of Thane police has registered a case against four foreign nationals and an online trading firm for allegedly defrauding a local businessman of ₹4.11 crore under the guise of high-return forex trading investments. The incident, which occurred between March and July 2025, is under active investigation, with authorities suspecting that the accused are operating from overseas.
According to police officials, the accused have been identified as Tracy Clerk, Paul J. Tudor, Bran Cameron, and Benjamin Jador, along with Metaxoption Company, an online trading platform. The FIR, filed on the basis of the 42-year-old businessman’s complaint, cites provisions of the Indian Penal Code, including Sections 418(4) (cheating) and 416(5) (criminal breach of trust), as well as relevant sections of the Information Technology Act.
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High-Return Promise Lured Victim
Investigators stated that the accused initially contacted the complainant earlier this year, presenting themselves as seasoned forex trading professionals. They reportedly sent him trading links at regular intervals, coupled with assurances of substantial and guaranteed profits on invested sums. Convinced by these claims, the businessman transferred ₹4.11 crore in multiple tranches to bank accounts specified by the accused. These accounts were spread across various financial institutions, complicating the tracing process.
The complainant alleged that when he inquired about the promised returns, the accused either deflected his questions or avoided communication entirely.
Funds Trail Spans Multiple Accounts
Police said preliminary findings indicate the funds were routed through multiple domestic and international accounts, making the trail difficult to follow. Investigators suspect the perpetrators may be operating from locations outside India, using sophisticated cyber tools to mask their identities and evade detection.
An investigating officer has stated that no arrests have been made so far. Technical analysis and examination of the bank transactions are underway to determine the exact path of the money and the extent of the network. Authorities have also reached out to relevant banks for detailed statements and are expected to seek assistance from Interpol if the suspects are confirmed to be operating from abroad.
The case highlights the growing risk of cross-border cyber fraud targeting high-net-worth individuals through elaborate investment schemes in the booming forex trading sector.