The Indian crime branch has raided a multi-million cryptocurrency company Money Trade Coin in the Indian town of Thane on Monday, and busted the cryptocurrency scam which was operating from past two years under the guise of a real estate firm.
During the investigation, police have found another office of the company in Vikhroli from where the scam was run. According to a senior police officer, some police personnel were allegedly involved in the cryptocurrency racket and their roles are being probed by the crime branch.
The mastermind of the scam was Flintstone Group, which is an alleged real estate company. The company has promised its investors flats, and African and Caribbean citizenships. Flintstone Group has been telling its investors that in few years their cryptocurrency will be legal tender in African and Caribbean countries. The cryptocurrency of Flintstone Group was called MTC (Money Trade Coin). The cryptocurrency was used as bait for investors. In the greed of foreign citizenship and high returns, investors are putting more and more money in MTC. The money invested in MTC was in hundreds of crores.
The police raided Flintstone Group when a complaint was filed by a Thane businessman, stating that he and five of his colleagues had invested INR 1.7 crore in Money Trade Coin but had not received any response from Flintstone Group even after the promised date passed.
The managing director of Flintstone Group, Amit Lakhanpal left the country some days before the raid, in fear of legal action. To impress his clients’ perspectives, Amit Lakhanpal used to pose with leading politicians. He had also invested in a Bollywood film which the police have to verify.
According to the MTC website, Money Trade Coin is an intellectual property which is jointly owned by Dubai based firm Bitcoin Global FZE, and Money Trade Coin Ltd, UK.
Leave a Comment