Indian Police raided the offices of an alleged cryptocurrency scam that was moving millions of dollars. According to its promoters, the so called Money Trade Coin (MTC) is a safer, secure and superior alternative of storing wealth in the form of digital currency. Investigations realized suggest that the company was promising high returns, real estate investments and foreign passports.
Indian Crypto Scam
On the website, MTC is known as an intellectual property that is owned by several companies located between the UAE, and the United Kingdom. Mr. Amit M. Lakhanpal is the Director of Money Trade Coin Ltd.
On Monday, two individuals have been arrested but Lakhanpal was not detained by the police. The hypothesis here is that he may have fled India. Two offices located in Thane and Vikhroli had over 70 employees.
The investigation started when a local businessman complained that the company was not providing a satisfactory answer about what they did with the invested funds. Moreover, the police explained that Lakhanpal’s office had several photos of him with different political personalities.
Another important thing to mention is that some members of the police may even be involved with MTC, which involvement is being investigated.
Apparently, the company offered important returns (over 20%) to its investors. But when the investment time expired, users were not able to have their investments back.
The Local Police Informed:
“Pal and his associated 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.”
Lankhanpal met with some investors that were threatened by him, according to them, they were pressed not to ask for the money they’ve invested in the company. Furthermore, Lakhanpal said that he was investing in real estate, but he had never constructed any building.