Scams

Mumbai Linked to Multi-Million Cryptocurrency Scam

Mumbai Linked Multi Million Cryptocurrency Scam

A multi-million cryptocurrency scam has been busted in the land of Bollywood and India’s financial capital, Mumbai.

The scam seemed like it was out of India’s underworld mafia movies, with a real estate company called Flintstone group selling Carribean homes for promised citizenships. In addition, the real estate company was highlighting a ‘soon to be legal’ cryptocurrency called MoneyTradeCoin (MTC).

Flintstone group used the unknown cryptocurrency as a way for investors to have better luck with citizenships and higher returns. Thus the Indian real estate company was able to drain off tens of millions of US Dollars from their investors.

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The fraud kept going on until the investors realized that they were pouring money but not getting any outcome concerning capital. When they were in doubt, they asked a series of questions which was not answered by the Flintstone group executives.

The suspicions grew worse leading to a complaint to the crime department of the Mumbai police. According to reports some of Mumbai police were involved with the scam too.

Yesterday June 4th, loyal police officers who wanted to catch the criminals raided the office of Flintstones group detaining two of the people from the company. The main mastermind is the managing director Amit Lakhanpal who has gone missing!

Not far is the day when the police in Mumbai start asking for bribes in Bitcoin!

In the clues left behind, Lakhanpal was seen in pictures surrounded by celebrities and politicians leading to questions about the famous personalities roles in the grand scam.

Several sections of the Indian Penal Code have been broken along with the registration of Maharashtra Protection of Investors and Depositors (MPID) Act. Even the Chit Fund Act has been registered.

Toshi Times suggests our readers on researching the coins, and to ask questions before investing in cryptocurrencies or ICO’s which seem suspicious.

Image Source: “Flickr”

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Amrit Mirchandani,  A hustler, who believes there is a solution to every problem. A strong believer of Blockchain and a Cryptocurrency enthusiast!
Currently living in the Digital Hub of India, Pune and an extremely friendly and optimistic person. Born and raised in the beautiful island of Sri Lanka and have run businesses ranging from Agriculture to the Digital World. I have had crazy Experiences in Asian Busy towns like Mumbai and Kuala Lumpur to African nations such as Madagascar.