Amit Lakhanpal, a key accused in the Rs. 113.10 crore Money Trade Coin cryptocurrency fraud case, has been arrested in the United Arab Emirates. UAE authorities informed Indian officials about his arrest on September 1.
Authorities acted on an Interpol Red Notice issued at the request of Thane Police. Indian agencies have now started the process to seek his extradition from the UAE.
ED Traced Amit Lakhanpal to UAE
The Enforcement Directorate shared information about Lakhanpal’s location with the authorities, which helped lead to his arrest. The ED has been investigating Lakhanpal and several associates under money laundering laws. Thane City Police had earlier registered a case against Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others.
Investigators said Lakhanpal left India after the fraud case came under investigation. The ED alleged that he and some associates obtained passports from Antigua and Barbuda before leaving the country. Authorities later traced him to Dubai, where he was allegedly living under a false identity. Following his arrest, the Indian government asked investigating agencies to provide case records for the extradition process.
Money Trade Coin Scheme Allegedly Caused Rs. 113 Crore Loss
Investigators accused Lakhanpal and his associates of creating Money Trade Coin, or MTC, as an unrecognised cryptocurrency. According to the ED, investors put money into the scheme between August 2017 and April 2018 and suffered losses of about Rs. 113.10 crore. Authorities alleged that Lakhanpal promoted MTC through seminars held in cities including Delhi, Pune and Nashik.
The ED said Lakhanpal allegedly presented himself as a ‘Finance Ministry official’ during promotional events. He also allegedly told investors that MTC could receive ‘government recognition’ and offered high investment returns. Investigators have questioned those claims and said no such official recognition supported the cryptocurrency. Authorities also accused those involved in the scheme of manipulating MTC prices and later stopping trading and withdrawals.
Authorities Examine MTC Platforms and Money Trail
Investigators have also examined several platforms linked to the alleged crypto fraud. These include Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya. The ED alleged that Lakhanpal and his associates used these platforms while promoting investment plans connected with MTC. Investors reportedly lost access to their money after trading and withdrawal services stopped.
The ED has carried out searches at locations linked to the case and attached properties during its investigation. More recently, the agency seized about Rs. 1 crore during searches in the Mumbai-Thane region. Officials also recovered digital devices and documents that they are examining as part of the money laundering probe.
The case dates back to 2018, when Thane Police registered an FIR after allegations about the MTC investment operation emerged. Lakhanpal had already left India by that stage. With his arrest in the UAE, Indian authorities are now working through diplomatic and legal channels to bring him back to India for further proceedings in the Rs. 113 crore crypto fraud case.
Also Read: India’s RBI Pushes Crypto Ban as Tax Data Exposes Wide Compliance Gaps
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