Indian Cryptocurrency Scam The explosive popularity of Crypto Market and how to get rid of the scams. Exclusive Crypto Aware data: $1.7 billion-worth of Crypto Currencies lost to hacks and scams between 2011 and 2018.
Also, read Dehradun Mining Scam in India
Indian Cryptocurrency Scams 2018 Review
The point is that trusting people in an entirely digital world is extremely difficult, especially if you cannot audit or verify what is taking place behind the scenes. Similarly on 5th June- 2018 – Mumbai Crime Branch along with Thane Police registered India’s financial capital busted a multi-million Crypto Currency scam. Thane police listed case against crypto scam mastermind.
On June 4, policemen raided the firm’s offices and detained two people involved with the fraudulent company.
A CryptoCurrency is a complex, decentralized digital asset that is operated using what is called Block Chain Technology.
Flintstone Group the new company launched in Mumbai, an ISO 9001: 2008 certified real estate Company which is also well known for its luxury and redevelopment projects.
MTC- Money Trade Coin also said as the new era of Crypto Market. Thus MTC is an intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE and Money Trade Coin Ltd, UK. Mr. Amit M. Lakhanpal, who is the Director of Money Trade Coin Ltd, (and is one of the key members of Bitcoin Global FZE and MD of Flinstone Group, India).
According to the Promoters Amit Lakhnpal published a book on Inter Crypto Currency trading for Beginners and established a solid corporate sustainability program where 5% of the trading profits shall be given to the Charity Organizations of the UAE Government and 15% customized on welfare trusts sponsored run by the company.
Operating under the guise of a real estate company since 2016-Flintstone Group managing director Amit Lakhanpala 27-year-old Indian-origin man remains absconding and the police suspect that he may have been alerted about the raids several days prior, and fled the country in a bid to escape authorities.
A SENIOR POLICE OFFICER POSTED AT THANE BRANCH EXPLAINED–
“Over 70 employees have nowhere to go to, and the police are questioning their involvement in the matter.”
“Employees here were using MTC. Pal and his associates promised investors a 20-times return on investment in a mere six months. But once the deadline passed, the company made several excuses to not release the money.”
“Investigators, however, accuse it of being a front for an international fraud, misleading investors with promises of high returns, real estate, and foreign passports. He may have even invested in a Bollywood film featuring a major male star, but we are verifying this.”
New Age Corporate– MTC Fraud – Thane
Money Trade Coin (MTC) Scam was one such Crypto Currency used to lure investors promising ten to twenty times returns in just four to six months.
A senior police officer from the Thane crime branch told Hindustan Times that there twenty employees, while another office in the Mumbai suburb of Vikhroli had a staff of fifty.
During the raid, Investigators found and the investigation started from Vikhroli from where the scam was run, and that some police personnel was allegedly involved in the racket and their roles are being probed.
The three men arrested are -Sohrab Sharma, 27 years old, Raymond Trapani, 27 years and Robert Farkas 31 years all from Florida were the three co-founders of a start-up company called Centra Tech.
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