India`s Crypto Scam failed: Investors alerted the Police

A multi-million cryptocurrency scam has been destroyed by the crime branch of India’s financial capital on June 5, 2018
05 June 2018   527

The Flintstone group, pretenting to operate as the real estate company since 2016, sold a lifestyle of Carribean homes and promised citizenships in African countries to disaffected investors on the pretext of allowing them in on a “soon-to-be-legal” cryptocurrency - the MoneyTradeCoin (MTC). Applied as an enticement for investors, the group convinced that putting more money in the coin would rise the chances of citizenship, and consequently equate to higher returns. The firm was able to trap hundreds of crores of Indian Rupees (worth tens of millions of U.S. dollars). 

As per the Mumbai Police, earlier this year a group of businessmen warned officials about the swindling business. Jointly, they had invested over Rs 1.7 crore (US$ 253,130) in the real estate company and were pledge of high returns. Nevertheless, their suspicions were caused when Flintstone group executives gave no answers to their questions and often missed payout dates.

Policemen raided the firm’s offices on June 4, and 2 people involved with the fraudulent firm were arrested. The alleged mastermind of the operation - Flintstone Group managing director Amit Lakhanpal - stays hiding and the police suspect that he may have been warned about the raids several days earlier, and fled the country in a bid to disappear from the authorities.

Presently more than 70 employees of the company have nowhere to go to, and the police are inquirring about their involvement in the matter. During the raid several photos of Lakhanpal with Mumbai’s celebrities and politicians were unearthed by the police, sparking off the question if there were well-connected people involved in the fraud. Evidently, the business has interests in Dubai, with the MTC sold as “an intellectual property jointly owned by Dubai based firm Bitcoin Global FZE, UAE.”

Crypto Billionaire to Lost 5.5k BTC Due to Fraud

Thai scammers convinced 22 yo Finnish crypto billionaire to invest in their 'investment' scheme
13 August 2018   272

The 22-year-old cryptocurrency millionaire lost more than 5,500 bitcoins after taking part in the investment scheme in Thailand. The case attracted public attention because of the possible participation of a Thai actor. This is reported by Bangkok Post.

A group of scammers in June 2017 persuaded Finnish businessman Aarni Otawa Saarimaa to invest in several Thai securities, a casino in Macau and a crypto currency called Dragon Coin.

Scammers claimed that Dragon Coin could be used in Macau casinos. In addition, they brought Saarimaa to this casino to demonstrate the legitimacy of their project. Saarimaa transferred 5 564 BTC to fraudsters.

In January, without receiving any income for his investments, Saarimaa filed a complaint with the Crime Suppression Division's (CSD), along with his local business partner, who believed that this investment scheme was fraudulent.

CSD began to investigate the case and stated that the group made no investment for Saarimaa, instead transferring all the bitcoins to Thai baht and placing these funds on seven bank accounts.

Although it is not clear when exactly the scammers sold the bitcoins, CSD announced that they raised about 800 million baht or about 24 million dollars.

Then followed a months-long investigation, according to which CSD began to suspect that the Thai film actor Jiratkisit "Boom" Jaravijit also took part in the fraudulent scheme - he was arrested last Wednesday.

In addition, the CSD stated that it suspects the actor's brother, Princess Jaravijit, as the "instigator" of this entire scheme. He left Thailand, traveling to South Korea, and then to the United States. According to the Bangkok Post, CSD is currently working with the US to track him down.