The Enforcement Directorate has intensified its Money Trade Coin probe after searches in Mumbai and Thane on August 12. The agency found nearly Rs. 1 crore in cash, digital devices and documents linked to an alleged Rs. 113.10 crore crypto fraud.
The action follows India Today TV and Aaj Tak’s February 2018 ‘Operation Bitcoin’ investigation, which exposed the scheme and triggered a Thane Police case.
The ED said investors put money into the unrecognised cryptocurrency between August 2017 and April 2018. Investigators allege the accused attracted investors through seminars, false government links and promises of huge returns. The probe now targets the alleged money trail and wider network behind MTC and related platforms.
Reporters had posed as investors during the 2018 sting at Flintstone Group’s Thane office. Company officials allegedly promised 10 to 20 times returns within four to six months. They also offered claims involving escrow accounts and Caribbean citizenship.
Thane Police registered a case against Flintstone Group owner Amit Lakhanpal and associates in June 2018. Police officer Nitin Thakre confirmed the case and the investigation into Jangle and others. “We have registered a case against Jangle and his associates,” Thakre said in 2018.
The ED’s August 20 statement named Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others. The agency alleges Lakhanpal posed as a Finance Ministry official and promised government recognition for MTC.
Investigators also found platforms including MTC Banque, MTCX India and Cryptozaniya. The ED alleges operators manipulated MTC prices before stopping trading and withdrawals. Investors then struggled to recover their funds.
The agency further claims Lakhanpal and associates left India using Antigua and Barbuda passports. Investigators say they currently live in Dubai under false identities. The ED has continued tracing assets and alleged money laundering linked to the case.
Disclaimer : Crypto News India does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
