Rs 500 Cr online cryptocurrency scam busted in Thane
25,000 people cheated
Thane Police has busted an online cryptocurrency scam racket, which had allegedly collected an estimated Rs 500 crore from people. Around 25,000 people fell prey to the accused and invested money in the company. The accused allegedly posed as representatives of the Union Finance Ministry and had also prepared fake identity cards to cheat people, according to police officials.
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Some people had floated a company about a year back and launched their own cryptocurrency called the ‘Money Trade Coin (MTC)’, through which they promised high returns and lured people to invest about Rs. 500 crore into its schemes, the police official said. However, the company allegedly failed to pay the promised sum to the investors.
Based on a complaint by a New Delhi-based businessman, the police raided the company’s premises on Ghodbunder Road in Thane and in suburban Vikhroli in adjoining Mumbai on Monday and subsequently arrested a person, identified as Taha Kazi, from Mumbra town. Kazi, who was allegedly providing technical support to the company, was later arrested, another police official said.
In an effort to grab eyeballs, Lakhanpal ensured that he made it to the cover of several magazines, including Middle East Forbes, SME World, and Biography. His pictures with film stars, politicians, and businessmen in various publications were also used to attract investors.
Celebrities and political leaders seen with Lakhanpal in various events are also on the radar of investigators. Speaking to News18, Thane commissioner of police Param Bir Singh said, “We are probing the role of several film stars, politicians and businessmen to find out if they were victims or beneficiaries.”
A case has been registered against the accused under various Indian Penal Code sections for cheating, forgery, criminal conspiracy, criminal breach of trust and relevant provisions of the Maharashtra Protection of Interest of Depositors Act, the Chit Funds Act, and the Information Technology Act.
