A team from Unit 6 of Mumbai police crime branch has busted a racket in which fraudsters lured victims with the promise of providing at attractive rates in exchange for Indian currency.
A total four men including Afzalali Riyasatali Syed (42), Rais Ahmed Abdul Jabbar Syed (46), Abidur Rehman Mohiuddin Shah (25) and Adil Sahil Khan (40) have been arrested.
The gang deceived victims by dipping genuine dollars coated with black dye into a , creating the illusion of turning black paper bundles into real dollars, and thereby cheated them with fake bundles of black paper cut to the size of dollar bills.
The case was registered on July 8 after police received intelligence about the gang’s activities at Shivkrupa Hotel Residency, Room 109, near T-junction, Mankhurd, Mumbai.
Acting on a tip-off, Unit 6 officers, including PI Bharat Ghone, PI Sawant, API Dhutraj, API Chikne, and a team of other officers, conducted a raid at the location and arrested the four accused with the .
The crime branch sleuths have seized 42 bundles of black paper cut to the size of dollar bills, four cans (5 litres each) and one bottle containing chemical solutions, six used mobile phones of various brands and cash amounting to Rs 30,400.
The accused underwent medical examination before they were produced in the 37th , Mumbai, which remanded them to police custody until July 11, 2025.
Further investigation in the case is underway.