THANE: The crime branch on Monday busted a racket where a gang duped several traders around the nation in Ponzi schemes involving cryptocurrency. The fraud is estimated to be in the range of Rs 300 crore to Rs 500 crore, the police stated.
Taha Kazi, a chief technical give a boost to staffer on the corporate that helmed the alleged fraud, was detained, while 5 others are on the run, including the company’s director, Amit Lakhanpal, stated the police. Kazi is a Mumbra resident.
Lakhanpal had created his own cryptocurrency, Money Trade Coin (MTC). A cryptocurrency is a digital or virtual currency designed to paintings as a medium of change.
At the centre of the scam is Flinstone Group, where its workers, posing as innovators, lured folks to place cash of their schemes. The police raided the company’s place of work at Orion Business Park on Ghodbunder Road on Monday. The corporate used to lure traders promising 10 to 20 occasions returns in just four to 6 months, officials stated. The officer added that some sufferers had been additionally lured with the be offering of citizenship in the Caribbeans in addition to an account in Swiss banks. The role of an assistant police inspector is also being probed.
“Our team continues to be examining the level of the company’s operation in India and its global hyperlinks,” stated a police officer. They will also carry out a raid on the corporate’s different place of work at Kailas Industrial Park in Vikhroli, an officer stated.
A police officer aware of the probe stated the case was registered according to a grievance through Delhi businessman Pravin Agrawal and different sufferers. DCP (crime) Abhishek Trimukhe stated: “We have registered the offence at Chitalsar police station. The accused had been buying and selling a cryptocurrency, known as Money Trade Coin, and duped several folks.... it is too premature to expose the rest.”
“Primary probe printed that the company to begin with marketed hard to spread the word about MTC and once folks fell in the trap, the Lakhanpal-led workforce floated several schemes. Those who invested in the schemes had been told to get more traders,” stated the officer. “This manner, several folks had been lured to speculate and later, once they requested in regards to the pastime, the company gave evasive answers.”
An officer stated they're yet to understand all the modus operandi as raids are still under manner and they've seized the computers in addition to the systems on the corporate’s Thane place of work. The police have registered a case of cheating, criminal breach of agree with, forgery and different related sections of IPC, besides Maharashtra Protection of Interest of Depositors Act, 1999, and likewise under the Information Technology Act.
Taha Kazi, a chief technical give a boost to staffer on the corporate that helmed the alleged fraud, was detained, while 5 others are on the run, including the company’s director, Amit Lakhanpal, stated the police. Kazi is a Mumbra resident.
Lakhanpal had created his own cryptocurrency, Money Trade Coin (MTC). A cryptocurrency is a digital or virtual currency designed to paintings as a medium of change.
At the centre of the scam is Flinstone Group, where its workers, posing as innovators, lured folks to place cash of their schemes. The police raided the company’s place of work at Orion Business Park on Ghodbunder Road on Monday. The corporate used to lure traders promising 10 to 20 occasions returns in just four to 6 months, officials stated. The officer added that some sufferers had been additionally lured with the be offering of citizenship in the Caribbeans in addition to an account in Swiss banks. The role of an assistant police inspector is also being probed.
“Our team continues to be examining the level of the company’s operation in India and its global hyperlinks,” stated a police officer. They will also carry out a raid on the corporate’s different place of work at Kailas Industrial Park in Vikhroli, an officer stated.
A police officer aware of the probe stated the case was registered according to a grievance through Delhi businessman Pravin Agrawal and different sufferers. DCP (crime) Abhishek Trimukhe stated: “We have registered the offence at Chitalsar police station. The accused had been buying and selling a cryptocurrency, known as Money Trade Coin, and duped several folks.... it is too premature to expose the rest.”
“Primary probe printed that the company to begin with marketed hard to spread the word about MTC and once folks fell in the trap, the Lakhanpal-led workforce floated several schemes. Those who invested in the schemes had been told to get more traders,” stated the officer. “This manner, several folks had been lured to speculate and later, once they requested in regards to the pastime, the company gave evasive answers.”
An officer stated they're yet to understand all the modus operandi as raids are still under manner and they've seized the computers in addition to the systems on the corporate’s Thane place of work. The police have registered a case of cheating, criminal breach of agree with, forgery and different related sections of IPC, besides Maharashtra Protection of Interest of Depositors Act, 1999, and likewise under the Information Technology Act.
Rs 500-cr cryptocurrency Ponzi racket busted
![Rs 500-cr cryptocurrency Ponzi racket busted]()
Reviewed by Kailash
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June 05, 2018
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