Police have busted a fake online foreign exchange platform which was used to cheat at least 500 customers of over Rs 6.25 crore, an official said here on Friday.

According to an official, following a tip-off, the Crime Branch-III raided Multi Business Centre Services premises in Dadar east after investigations revealed that the accused were running a bogus foreign exchange platform to cheat people by luring them to invest in the foreign exchange trade.

For the purpose, they set up a website named www.moneytrading.com through which they promised to give handsome returns on trading in forex.

The customers made payments with the help of a mobile App, ‘Pay You’ which credited directly into the private accounts of the accused, cheating the gullible investors.

The raid led to seizure of 96 laptops, 17 mobiles and other documents used to carry out the fake forex trading business.

The Matunga police have arrested 10 persons – Tanveer T. Shaikh, Asad T. Shaikh, Shahrukh T. Shaikh, Vyankatchalam Mariappa, Fayyaj U. Shaikh, Sanjay K. Vaishnav, Parvez M. Khan, Imran M. Khan, Mohammed J. Shaikh and Azharuddin D. Shaikh.

Booked under various sections of the Indian Penal Code and IT Act, the accused were produced before a court and remanded to police custody while further probe is underway.