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Fourth Suspect Detained in Alleged $70+ Million India Crypto Scam

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Police officials of India have apprehended an associate of a group charged with conducting a crypto scam amounting to a whopping 5 billion rupees or an estimated $71.6 million.

The development was reported on by local media The Indian Express.

This marks the fourth arrest of this case that happened a year after Thane police discovered the duplicitous activity in Mumbai. The man, Rohit Kumar, has been detained by Delhi police that acted on a complaint from a resident in Kanpur.

Amit Lakhanpal — the man who introduced the supposed scam cryptocurrency — is the CEO of a real estate company. The police also relayed that the token, called Money Trade Coin (MTC), was never listed on a cryptocurrency exchange.

The report quotes a source that declared that “the accused had set up office in Delhi’s Vikram Nagar and used [it] to collect money from investors promising high returns.”

The police also relayed that the group inflated the price of the token to support investments. When the price of the token plummeted, investors were unable to sell them. A first information report from the police on December 31, reportedly charges the man with cheating, criminal conspiracy and banning.

Documented police statements indicate that Lakhanpal conducted events in Dubai that were graced by royal family members. In addition, a police officer that sought anonymity claimed that “the accused also showed prospective clients an article in an international magazine, which claimed that one of the royals was his partner.”

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