Author: Jagdish Kumar, India
Thane Police has unraveled a cryptocurrency scam which has been operating for the last two year in the Thane located in near Mumbai city.
The police said that the mastermind of the $80 million (INR 500 crore) scam is Amit Lakhanpal, managing director of Flintstone Group a real estate company, which is on the run.
The action on the company was taken by a complaint filed by a Thane businessman and five of his friends who have invested $250,000 in the company and were promised 20-times return on investment in a mere six months, when they did not got a reply on the promised return they filed a complaint.
Police in its report said that Flintstone Company has promised flats as well as citizenship in African and Caribbean countries, where the company’s crypto coin will be a legal tender, for which the company was giving investors it own cryptocurrency Money Trade Coin (MTC).
When Thane police has raided the office, it found that some police personnel were allegedly involved in the racket and their roles are being probed.
Flintstone has office located in Thane with 20 employees and 50 employees were based in Mumbai’s Vikroli office.
While investigation it was found that when some of the investors went to Dubai to meet Lakhanpal, they were allegedly threatened, and were told that they should not ask for their money.
The police also found that Lakhanpal had never constructed any building, even though he claimed to run a real estate company.
According to company, MoneyTrade Coin is an intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE and Money Trade Coin Ltd, UK. Amit M. Lakhanpal, is the Director of Money Trade Coin Ltd (and is one of the key members of Bitcoin Global FZE and MD of Flintstone Group, India).”
The police have registered a case under several sections of Indian Penal Code, Maharashtra Protection of Investors and Depositors (MPID) Act, and the Chit Fund Act.