The fourth suspect was arrested following the alleged Crypto scam fraud from $ 70 + million

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The Indian police have arrested an employee of a group accused of conducting a scam encryption involving 5 billion rupees (about 71.6 million dollars), the local media in English The Indian Express reports on January 7.

This is the fourth arrest of the current case and, according to reports, occurred a year after Thane police discovered the alleged fraud in Mumbai. The man, Rohit Kumar, was arrested by the Delhi police following a complaint from a resident of Kanpur.

According to police, Amit Lakhanpal – the man who launched the alleged cryptocurrency scam – is the CEO of a real estate company. Reportedly, the police stated that the token, called Money Trade Coin (MTC), would never be included in a cryptocurrency.

An unspecified police source, quoted by The Indian Express, stated that "the defendant had opened the office at Vikram Nagar in Delhi and used [it] to raise money from investors promising high returns ".

According to the police, the organization inflated the price of the token to support investments. When the price of the token decreased, investors could not sell them. An initial police report, recorded on December 31, denounces the accusation with deception, criminal conspiracy and banishment.

According to police statements, Lakhanpal conducted events in Dubai attended by members of the royal family. In addition, an unnamed police officer claimed that "the accused also showed potential customers an article in an international journal, according to which one of the royals was his partner".

As Cointelegraph recently reported, the police of the Indian state of Jammu and Kashmir issued a public statement warning the public against investments in cryptocurrencies.

In December, a government committee in India suggested that cryptocurrencies should be legalized in the country.

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