Mumbai Police Nabs Black Paper Dollar Conversion Forex Scam Perpetrators: Check Out the Details

The crime branch of the Mumbai Police has nabbed a racket involved in duping people by claiming to convert black paper into dollars. The four men racket told people to give them rupees, at a lower rate than the foreign exchange rate, in exchange for this transformation. The accused fooled people by pouring a chemical solution on the black paper, which, they claimed, resembled an authentic US currency dollar bill. The four persons arrested in this forex Mumbai scam are Rais Syed, aged 46, Afzal Syed, aged 44, Abidur Shah, aged 25 and Adil Khan, aged 44.

Explaining the Modus Operandi of Black Paper Dollar Conversion Scam

The accused made a plan to make people believe that they could exchange rupees to obtain a huge amount of USD. While demonstrating, they used to dip a few authentic but black-coated US dollar bills into a chemical solution, making people believe that entire black paper bundles were true US dollars. On July 7, 2025, the accused tricked the complainants into handing over INR 30,000. Afterward, the accused ran away without providing any US currency.

Investigations Began After Complaints Filed at Mankhurd Police Station

The victims reached the Mankhurd Police Station to complain about the wrongdoings committed by the forex Mumbai scam racket. The Crime Branch later received the complaint and acted upon it. According to the investigation findings, the accused had, before, defrauded many investors in Mumbai, Thane, Navi Mumbai and other regions using similar ploys. The estimated forex Mumbai scam amount remains at INR 24.7 lakh.

42 Dollar-sized Black Bundles, Cash and Mobile Phones Seized

The Crime Branch has seized a plastic-wrapped 42-dollar-sized black paper bundle, two authentic $1 US bills, six aluminium bottles (ranging from 500ML to 5L) containing chemical substances, six mobile phones, and cash worth INR 30,400.

The Accused Were Made to Stay in Police Custody

The arrested individuals were brought before the Chief Judicial Magistrate at the 37th Court, Esplanade. The court has ordered the accused to remain in Policy Custody till the decision comes out. Of the accused, Afzal Syed was already booked for criminal cases previously under Section 420 (Cheating) and 34 (Common Intention) at Nagpada Police Station.

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