Indian police involved in $75 million cryptocurrency scam

By Asra Rizwan on
June 7, 2018
  -   Like us now!  

An Indian police official is currently under investigation in Mumbai for being an accomplice in a cryptocurrency scam amounting to $75 million.

Investigating a complaint filed by a businessman, the local crime branch of Mumbai Police uncovered the initial coin offering (ICO) scam. The scam was being operated under the name of Money Trade Coin (MTC) by the main suspect, Amit Madanlal Lakhanpal.

Upon raiding the premise of MTC company, police seized 53 laptops, fabricated documents and rubber stamps. One of the suspects providing technology services to the company was arrested, while five prime suspects who were running the company, currently remain at large.

With further investigations by the Mumbai Police, it was discovered that an Assistant Inspector of Police (API), Dighambar Jangale was involved in the ICO scam. The API is suspected to have facilitated the accused in running MTC.

Just like an initial public offering (IPO) MTC offered a private ICO, where people were invited and offered coins for as low as $3 per coin. Later the coin value was hiked to $6,000. However, nobody could cash their investment as the company was never listed on any cryptocurrency exchange. Moreover, the MTC website did not have anything substantial to offer. The press mentions and team sections did not lead anywhere, indicating the website has been hastily put up for operating the scam.

The crime branch is investigating all accused and they will be charged with forgery, cheating, and criminal conspiracy as per Indian laws.

Like our stories? Follow our Instagram for pictorial updates.Follow @techjuicepk

Xiaomi just made a complete clone of the iPhone X
How our tech ecosystem is failing?


NameDescriptionLink is a peer-to-peer bitcoin exchange, a site where you can list your own bitcoins for sale or buy bitcoins directly from other users.Buy Bitcoins
Coinmama lets you buy bitcoins with your credit card or cash.Buy Bitcoins
With Binance, you can buy and sell Bitcoins and altcoins easily. Get into Cryptocurrency trading on this exchange.Buy Altcoins
Coinbase is the easiest place to buy, use, and accept bitcoin, ethereum, and litecoin.Buy Bitcoins