On June 4, police in Thane, India raided the offices of Money Trade Coin (MTC), a notoriously alleged multi-million cryptocurrency scam, police reported.
Money Trade Coin said it “provides a safer, more secure and superior alternative of storing wealth in the form of digital currency, to investors as well as commoners.” Pretty convincing and clean, it seems. However, investigators disagree, accusing the platform as only being used as a disguise for an international fraud, tricking investors into thinking it would really yield high returns, as well as foreign passports and real estate.
According to the information provided on MTC’s website, it is an intellectual property owned by Bitcoin Global FZE in Dubai, UAE, and Money Trade Coin Ltd, UK. Additionally, the company named Amit M. Lakhanpal as the director of the latter, and even has chief administrative roles in the former, as well as India-based corporation Flintstone Group.
Flintstone office in Thane had about twenty employees, while its Vikhroli office had as much as fifty. The investigation commenced when a local entrepreneur reported that they did not receive any communication from the company regarding the funds that they so invested.
As if these were not enough, police authorities said that “he [Lakhanpal] may have even invested in a Bollywood film featuring a major male star,” even though they have yet to verify the information. This was the patterned scheme Lakhanpal was claimed to be executed to gain the trust of his potential victims: he would post photos of him accompanying leading politicians, thereby giving off the impression that he is as public and as reputable as the ones he was with.
The police have yet to capture Lakhapal, even though two have already been caught. He might have left the country already, police said.