Byculla Man Scams Teacher of Rs 60 Lakh in Forex Trading

A Byculla man is suspected of defrauding a family of Rs 60 lakh by making extravagant promises about profits from stock and currency market transactions. A 41-year-old school teacher's accusation led the Byculla police to file a case against Vinod D'costa. This huge loss has significantly impacted the family's future goals and financial security.

The complainant, who lives in Kalina, Santacruz (East), and works as a teacher at a Churchgate-based school, first met D'costa at church while they were both living in Byculla. They've known each other for more than 25 years.

D'costa reached out to the instructor on WhatsApp in September 2021, offering him large profits if he invested via him in the stock and currency markets. The instructor told his mother-in-law and wife about the investment information after being convinced by D'costa's claims. From September 2021 until January 2024, the family made financial investments with D'costa.

Cheques were used for the transactions, and D'costa gave promissory notes in exchange. But he was unable to provide the promised profits. When the plaintiff and his family sought their money back, D'costa postponed payment and offered justifications. He never gave back either the principal or the promised earnings.

Subsequently, the complainant discovered that D'costa had also conned an 87-year-old Byculla resident out of Rs 35 lakh. After realizing how big of a scam it was, the instructor and his family continued to try to get their money back, but they were never successful. After some time, the instructor went to the Byculla police and filed a fraud report against D'costa.

According to the investigators, D'costa may have deceived several people using the same technique. A police official revealed that D'costa has been prosecuted under Section 420 (Cheating) of the Indian Penal Code. Crucially, searches for him are still on, providing the victims and any possible victims with hope for justice.