In line with a recent news ‘published‘ by ‘The Indian Express’, Indian police have arrested an associate of a group in suspect of conducting a crypto scam involving 5 Bln rupees [about $71.6 Mln].
This was the fourth arrest of the ongoing case that reportedly occurred a year later after Thane police uncovered the alleged scam in Mumbai. The accuser, Rohit Kumar, has reportedly been in remission by Delhi police on a complaint filed by a Kanpur resident.
As per the police, Amit Lakhanpal — the person who founded and launched the allegedly scam cryptocurrency – is the chief executive officer of a real estate firm. The police additionally reportedly stated that the token dubbed MTC [Money Trade Coin], allegedly was ne’er listed on any cryptocurrency exchange.
An anonymous police source, cited by The Indian Express, declared that “the suspect had set-up his work-offices in Delhi’s Vikram Nagar and used it to gather cash from investors promising them high returns.”
In line with the police, the organization inflated the value of the token to prop investments. Once the price of the token fell, investors were reportedly unable to sell them. The 1st information report from the police, registered Dec. 31, reportedly charges the suspect with cheating, criminal conspiracy and forbidding.
According to reportable police statements, Lakhanpal conducted events in Dubai that were attended by members of the royal family. Additionally, an anonymous officer reportedly claimed that “the suspect showed prospective purchasers an article in a global magazine, that claimed that one amongst the royals was his partner.”
As ‘reported‘ earlier by EtherDesk, the police of the Indian state of J&K [Jammu and Kashmir] issued a public statement warning the general public against investing in cryptocurrencies.
Even in Dec., an govt. committee in India reportedly recommended that cryptocurrencies ought to be legalized within the country.