‘Flintstone Group’ involved in Cryptocurrency scam in India. Delhi cyber-crime police arrested the fourth person in $70 Million scams. Money Trade Coin (MTC) was a fraud company launched by this group. Delhi police cyber-crime unit arrested a fourth man, Rohit Kumar, on Tuesday after making three arrests last year including Flintstone Group managing director Amit Lakhanpal and his chief accountant Sachin Shelar.
With fake I.D. cards and backstories, The Flintstone Group convince investors of the legitimacy of their project, posing as Union Finance Ministry officials. Real estate CEO and scam mastermind Lakhanpal attended events in Dubai, some of which was reportedly attended by the royal family. He has claimed that the Ministry of Finance would soon approve his cryptocurrency MTC even though it was claimed that MTC has offices in UK, Singapore, Italy, and Malaysia.
Money Trade Coin Group takes leap, Expands its Global Footprints in Thailandhttps://t.co/sCDAz35aDp
— Money Trade Coin (@moneytradecoin) January 8, 2018
“The accused also showed prospective clients an article in an international magazine, which claimed that one of the royals was his partner,” said a police officer.
Scammers worked from Delhi office and manipulated investors to buy cryptocurrency. There were 70 employees in the organization. Lakhanpal and chief accountant Shelar have left the country. They may have moved to Dubai or England – however, their exact whereabouts are still unknown.
“The accused had set up an office in Delhi’s Vikram Nagar and used to collect money from investors promising high returns. Lakhanpal was earlier holed up in Dubai, and we believe that he may have fled to London,” said a police source.
A case was filed against these company. 53 laptops have been seized and fake rubber stamp and documents. This incident spread a negative stigma of cryptocurrencies in India.