Man held for 'duping' forex dealers

Man held  for 'duping' forex dealers

He posed as a “high-profile” businessman who would invite registered forex traders for tea at the City’s luxurious hotels to buy foreign currency from them. 

To win the traders’ confidence, he would buy small sums of foreign currency in various denomination. He would lure them with attractive offers. 

Later, he would place big orders. When the traders arrived with the substantial foreign currency the next day, he would pretend to have forgotten to bring the cash. 

So, he would take the foreign currency and promise to get the Indian currency from his hotel room within minutes but would disappear in no time. When the worried trader would enquire with the hotel management, it would emerge that the “high-profile” businessman had never checked in. 

Naresh Kumar Sharma, 48, a native of Pune, “easily duped” a number of forex traders in the City this way, police said. His luck, however, ran out when one of his victims, Waseem—a trader from Brigade Road—approached the Cubbon Park police on February 15.  

Police checked Sharma’s background and succeeded in gathering crucial information about him, including his whereabouts. On March 29, some policemen posing as forex dealers contacted Sharma who quickly “fell into the trap” and agreed to meet them at a luxurious hotel. 

Just as Sharma emerged, police apprehended him. They also recovered US $7,000 and UK £7,000 in cash, valued at Rs 7.5 lakh, from him. A senior police officer said that several such cases had gone unreported because of shaky evidence. But in this case, a complaint has been made and there is strong evidence. The CCTV footage also helped in apprehending the suspect, the officer added. 

Constable hangs himself

A 53-year-old constable with the third battalion of the Karnataka State Reserve Police was found hanging inside the clock tower of the KSRP parade ground in Koramangala on Friday. 

The deceased, Murthy, had reportedly gone into depression after he stopped drinking three months ago on his doctor’s advice. He showed symptoms of alcohol withdrawal syndrome. 

After completing night duty on Friday, Murthy did not go home but went to the clock tower where he reportedly hanged himself in the early hours of Saturday, police said.

 His suicide emerged when children playing cricket at the ground went inside the clock tower to get the ball stuck there. Murthy is survived by wife Sanjeevamma and sons Girish and Kiran. A case has been registered at Madiwala police station. 

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