Police to Bust Another Alleged Indian Crypto Scam

The police suspect the project of international fraud, as well as deceiving investors by promising high incomes, real estate and even foreign passports
06 June 2018   494

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. 

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   95

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.