A group of people accused of conducting an encrypted scam were arrested by the Indian police. Apparently, they were involved in a virtual currency scam that reaches $ 71.6 million. The information was released on January 7 from the local Indian Express news site.
This is not the first stop by the Indian police in relation to virtual currency fraud. Thane police were able to discover this encrypted scam in Mumbai that arrested Rohit Kumar. This scam was launched by the CEO of a real estate company, Amit Lakhanpal. Apparently, they were selling a token known as the money trade (MTC) but has never been exchanged on any encrypted exchange in the market.
According to police sources cited by The Indian Express, the defendant had an office in Vikram Nagar of Delhi and was used to raise money from investors who promised high returns.
In order to attract more investors, the company artificially inflated the token price and received more funds. Once the token price fell, investors could not sell their funds. This is something that has affected hundreds of people. The accused was accused of fraud, criminal conspiracy and banishment.
Apparently, Lakhanpal has performed some activities and events in Dubai which also involved members of the royal family. As for one of the policemen involved in the investigation, the man responsible for this scam had one of the royals as partners.
India has been severely affected by cryptocurrency scams. Because of this situation, the government has decided to impose very strict rules on the encrypted market and on the companies involved in space. Several companies have had to stop offering services while others have simply been banned from operating.
Regulatory agencies are becoming increasingly active in space to avoid this type of scams and fraudulent activity.