The Indian police carry out the fourth stop in $ 70 million of Crypto Scam


india police cryptocurrency regulation bitcoin crime ico

Delhi's cyber-crime police have made further developments in the cryptocurrenvy scam that is being developed by an organization called "Flintstone Group".

The group has launched a fraudulent cryptocurrency called Money Trade Coin (MTC), which has deceived 25,000 investors with promises of huge gains that, of course, have never materialized. After making three arrests last year, including the managing director of Flintstone Group Amit Lakhanpal and his chief accountant Sachin Shelar, the Delhi cyber-crime criminal unit arrested a fourth man, Rohit Kumar, Tuesday. A resident of Kanpur, Kumar was a collection agent who worked on behalf of the accused.

The scam

The Flintstone group did everything to convince investors of the legitimacy of their project, placing themselves as officials of the Ministry of Finance at a certain point with a false I.D. cards and backstories. In the name of the Money Trade Coin project, they even participated in approaching the Delhi High Court to present a petition to the central bank to reconsider its harsh position against cryptocurrencies.

The CEO of real estate and the mind of the crook Lakhanpal presumably attended events in Dubai, some of which would participate in the royal family. It is said that he claimed that his cryptocurrency would soon be accepted by the Ministry of Finance and would be used as legal tender to buy property and that MTC had offices in the United Kingdom, Singapore, Italy and Malaysia.

"The accused also showed potential customers an article in an international journal, according to which one of the royals was his partner," a police officer said.

Consequences: Scammers at Large

The scammers worked from an office in Delhi to manipulate investors and buy the fake cryptocurrency, and 70 employees were stranded after the collapse of the police. The police are now investigating the entity, if any, of their involvement in the group's illegal activity.

The lakhanpal and the chief accountant Shelar have fled the country, perhaps in Dubai or in England, but remain free and their exact location is unknown.

"The defendant had opened an office in Vikram Nagar in Delhi and used to raise money from investors who promised high yields, Lakhanpal was previously holed up in Dubai and we believe he may have fled to London," a police source said .

One case was filed against five men in total, with allegations including fraud and criminal conspiracy. 53 laptops and rubber stamps were seized for the false authentication of documents and documents. Incidents such as these have contributed to a negative stigma of cryptocurrencies in India with the central bank, considering the banning of technology.

Shutterstock foreground image.


[ad_2]Source link