Rs 500 Cr Cryptocurrency Scam Unearthed In Mumbai; Scammers Used Greed To Rob Investors!

The modus operandi was as simple as any scam which has taken place in the last 2000 years: Greed.

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Cryptocurrency Scam Unearthed in Mumbai

The charm and the greed of quick bucks using cryptocurrencies is proving to be costly.

In yet another such instance, police have unearthed Rs 500 crore cryptocurrency scam in Mumbai, where investors were promised 10-20X returns.

One person has been arrested, but the main culprit is still at large.

In a related news, Shilpa Shetty’s husband, Raj Kundra was quizzed by cops over another Rs 2000 crore cryptocurrency scam.

Mumbai: Rs 500 Crore Cryptocurrency Scam Revealed!

The modus operandi was as simple as any scam which has taken place in the last 2000 years: Greed.

One Amit Lakhanpal opened a company called Flinstone Group and launched a fake cryptocurrency called Money Trade Coin (MTC).

In the initial phase, they promoted it heavily in online and offline medium, and then once few investors lined up, they started promising up to 20X returns on the investments.

Not only that, the promoters also promised Swiss citizenship, along with unbelievable perks. The existing investors were promised ‘additional returns’, if they brought in more investors, and converted the same into a ponzi scam.

Once Reserve Bank of India placed a blanket ban on all sorts of crypto-related fund transfer, the investors grew anxious and complained to the police. After Delhi-based businessman Pravin Agrawal filed a complaint, police started the investigation.

Thane police have arrested a techie named Taha Kazi, who helped the promoters of Money Trade Coin to mine digital coins.

DCP (crime) Abhishek Trimukhe said,

“We have registered the offence at Chitalsar police station. The accused were trading a cryptocurrency, called Money Trade Coin, and duped several people…. it is too premature to reveal anything.”

Cops are looking out for founders, and the hunt is on.

Shilpa Shetty’s Husband Interrogated Over Rs 2000 Cr Crypto Scam!

Meanwhile, in a related scam-news, Raj Kundra, husband of Bollywood actress Shilpa Shetty was interrogated over Rs 2000 crore cryptocurrency scam.

Enforcement Directorate (ED) quizzed Raj Kundra over Rs 2000 crore GainBitcoin scam, which was spearheaded by Amit Bhardwaj.

An official said,

“We want to ascertain whether Kundra played any role in the scam — as an investor or a promoter, or helped Bhardwaj mine bitcoins,”

Amit was arrested in Pune recently. He had promised 10% returns over 18 month period and had mining hubs in China and other Asian nations.

This has been hailed as the biggest crypto-related scam in India.

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