Forex Investment Scam Uncovered in Nagpur; 13 Individuals Booked for Defrauding Investors of ₹7.25 Crore

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A significant financial fraud involving a forex investment scheme has been exposed in Nagpur. The Bajaj Nagar police have registered a case against 13 accused persons, including reputed hawala operators from Mumbai and Raipur. Although the total amount involved is suspected to be much larger, the official complaint currently stands at ₹7.25 crore.The 13 individuals booked are Abhishek Pachchav, Priyanka Pachchav, Anmol Hashmi, Rahul Tolani, Pranay Kochar, Sarvesh Pandey, Manoj Dorlikar, Haji Iqbal Sheikh, Imtyazuddin Inamdar, Murtaza Shakir, Praveen Gumgaonkar, Ravi Mulchandani, and Prakash Bahune.

According to police sources, the complainant Mustafa Ali, a spare-parts shop owner from Satranjipura, came into contact with the accused in May. The group allegedly lured him and his associates with promises of monthly returns ranging from 6% to 11% through high-yield forex investments.

Trusting these assurances, Mustafa and his partners deposited ₹7.25 crore into bank accounts provided by the accused. However, when they sought returns or repayment of their principal, the accused evaded them. Shortly thereafter, the group reportedly shut down their company, indicating a premeditated and coordinated scam.Mustafa filed a complaint with Bajaj Nagar Police, who registered a case under charges of cheating and under the Maharashtra Protection of Interest of Depositors (MPID) Act.

A thorough investigation is currently underway.Sources reveal that Pranay Kochar, Sarvesh Pandey, and Rahul Tolani are key figures in the racket. Kochar is identified as a major hawala operator in Mumbai, while Pandey reportedly manages an extensive hawala network in Raipur. Both are believed to have accumulated wealth rapidly through these operations.Sarvesh Pandey is also implicated in multiple cases across states and has alleged connections with other fraudsters in Nagpur.

His name had previously surfaced in a fake GST billing scam, further raising suspicions about his activities.This case highlights the ongoing risks of forex investment frauds and the involvement of hawala networks in such financial crimes. The police continue to probe the matter to bring all perpetrators to justice.