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.”