The police of the Indian city of Thana searched the offices of the multi-million-dollar fraudulent crypto project Money Trade Coin (MTC). According to his promoters, it "provides a safer, more secure and superior alternative of storing wealth in the form of digital currency, to investors as well as commoners." The police suspect the project of international fraud, as well as deceiving investors by promising high incomes, real estate and foreign passports. This is reported by Bitcoin.com.
On its website, MTC is described as intellectual property jointly developed by the Dubai-based Bitcoin Global FZE and the British firm Money Trade Coin Ltd. Director of Money Trade Coin Ltd is Amit M. Lahanpal (he is also one of the key employees of Bitcoin Global FZE and the managing director of the Indian company Flintstone Group). On Monday, two people were detained, but Lahanpal was reportedly still at large - police believe he could even leave India.
The Flintstone office in Thana has 20 employees, while the other office of the company, which is located in Vikrohli, a suburb of Mumbai, employs 50 people. An investigation into this case began when a local businessman complained that he and his colleagues could not get a response from the company about the funds invested in it.
He may have even invested in a Bollywood film featuring a major male star, but we are verifying this. 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 excused to not release the money. A few days ago, some investors even went to Dubai to meet Lakhanpal, but they were allegedly threatened, and were told that they should not ask for their money. We also found that Lakhanpal had never constructed any building, even though he claimed to run a real estate company.
Senior police officer, City of Thana
Police say that the company of Lahanpal used his joint photos with "leading politicians" in order to impress their victims.