The initial coin offering (ICO) scam by the name of Money Trade Coin (MTC) was uncovered by local crime branch of the Mumbai Police last week. The investigation came about following a complaint by a businessman who fell for the scam….reports Asian Lite News
Indian detectives are looking for a Pune-based fraudster who duped thousands of investors in a multi-million cryptocurrency scam.
The investors were offered a guarantee scheme with diamonds. The big launch was held at 7-star hotel in Dubai. One of the companies of the fraudster was registered in the UK – Money Trade UK Ltd was registered at a Nottingham address.
The initial coin offering (ICO) scam by the name of Money Trade Coin (MTC) was uncovered by local crime branch of the Mumbai Police last week. The investigation came about following a complaint by a businessman who fell for the scam.
The police raided the company’s premises, resulting in the arrest of one, Taha Kazi, who was providing technology services to the company. Unfortunately, the five prime suspects who ran the company remain at large; indeed, the main suspect, Dr Amit Madanlal Lakhanpal, is believed to have escaped to Dubai. The police seized 53 laptops, rubber stamps, and fabricated documents from the company’s office.
The crime branch has charged all accused for cheating, forgery, and criminal conspiracy as applicable under the Indian laws.
The company was planning to intensify their operations in Dubai from August 2018 onwards.
The police said that they are tracking Lakhanpal’s current location. He was initially said to be holed up in Dubai but later it was learnt that he may have fled to some south Asian country.
On its website MTC is described as intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE and Money Trade Coin Ltd, UK. And Mr. Amit M. Lakhanpal is said to be the Director of Money Trade Coin Ltd (and one of the key members of Bitcoin Global FZE and MD of Flintstone Group, India).
According to its promoters, Money Trade Coin (MTC) “provides a safer, more secure and superior alternative of storing wealth in the form of digital currency, to investors as well as commoners.” Investigators, however, accuse it of being a front for an international fraud, misleading investors with promises of high returns, real estate and foreign passports.
The website also claimed: Bitcoin Global FZE is registered in The UAE and run by the proficient personnel comprising brilliant programmers and engineers. The Strength of its team is that they hold strong and positive belief in the rising digital currency. It connected them and today they put their combined efforts in the development, establishment and acceptance of Bitcoin as currency as well as a new economy.
“Incorporated as a Company with a paid up capital of US 10 Million Dollars, Bitcoin Wealth Management is a financial technological firm at the forefront of its industry. With a vision to revolutionize the future of commerce, Bitcoin Global focuses primarily on online payment technologies, Bitcoin Mining, e-commerce and own Cryptocurrency development and trading.
Flintstone Group has a Very Strong credit line in banking system in Hong Kong through Standby Letter of Credit and Bank Guarantees via Overseas branch, FlintGlobal HK Ltd against which it can avail a large amount of funds in a very short period of time.”
The website claimed Mr. Amit M. Lakhanpal is a commerce graduate from Mumbai University and has completed a diploma in asset and wealth management and is a well known person in the Field of Slum Redevelopment. He has more than seven year experience in the field of Slum and Real Estate development and vast experience in acquiring land around Mumbai and converting it into NA and plotting. His newest interests are into cryptocurrency and wealth management. He has made a lot of success for himself and others in Cryptocurrency based investments. Mr Lakhanpal is about to publish his book on Inter Cryptocurrency trading for Beginners and Elites. His diverse knowledge in Wealth Management and Cryptocurrency gave rise to the idea of an MTCoin that can be used as a global and stable currency without the sudden rise and drops in price.