Another Crypto Scam Exposed in India
June 7, 2018
Law enforcement bodies of the Indian city of Thane have seized the members of scam crypto project MoneyTradeCoin (MTC).
As the investigation has shown, MTC's developer was Flinstone Group company allegedly providing housing and citizenship for its investors in Africa and the countries of the Caribbean region. Fund raising for the services was realized via its own cryptocurrency, but as it turned out soon, the company never been involved into housing development. Instead it constantly promised the investors it would return their funds twentyfold within the following 6 months after investing. No surprise, the company did not make it good, never repaid compensations and just offered poor excuses. The police told, the company has been following the scheme for the last two years but it is only now when the case became public.
The scammers are reported to have attracted several billions of rupees. For instance, some Indian entrepreneur and a number of his employees who wished to stay anonymous told, they had invested about 17 billion rupees ($254,000) in MTC. The businessman added, he still cannot have his funds back and get any feedback from the company.
In the course of the investigation it was found that the company’s staff numbers 70 employees. What is more, the crime scheme involved some policemen.
As the crime report says, the CEO of Flinstone Group Amit Lakhanpal is likely to be the initiator of the scam, his location was not defined so far. The investigative documents note that the Lakhanpal’s office has lots of his photos together with famous politicians for more effective attraction of would-be investors.