Thane News: Divine Power Forex Scam Kingpin Arrested After 3-Year Manhunt; ₹7 Crore Fraud Under Probe

Thane: After a three-year-long manhunt, the cyber cell of the Thane Police arrested the main accused in the Divine Power Forex Trading investment company from Uttarakhand on June 13. The individual, identified as Ajay Usare, served as a director of the company and had been on the run since an FIR was registered in the case.

According to police, Usare had been evading arrest by frequently changing locations, including stints in Dubai and Nepal. Acting on technical intelligence, police traced him to a location in Dehradun, Uttarakhand. A team was dispatched, and Usare was taken into custody, produced in court, and remanded to police custody for further investigation.

Prior to this, five other accused had already been arrested in connection with the case. The police officer stated that during the investigation, they had already secured assets worth approximately Rs 8 crore, which they believed to be linked to the proceeds of the fraud. However, after arresting Usare, no so far six accused have been arrested in the matter.

The case dates back to 2022, when Divine Power Forex Trading set up an office in Wagle Estate and launched several investment schemes, promising investors monthly returns of 15% on their investments.

Police said a total of 91 investors were lured into investing more than ₹7 crore with the promise of high returns. When the promised returns failed to materialize, several investors approached the authorities, leading to the registration of an FIR.

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The accused have been booked under Sections 420, 406, 409, 34, and 120(B) of the Indian Penal Code, along with Sections 3 and 4 of the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, 1999 (MPID Act).