Virtual currency cheats duped many of crores, Delhi boss in net
TNN | Updated: Jan 9, 2019, 13:08 IST
Rohit was arrested from north Delhi’s Shakti EnclaveNEW DELHI: A gang that duped many of crores by claiming to be trading in virtual currency has been busted.
Through 2017, the gang members, claiming to be from ‘Flinstone Technologies’, held seminars in five-star hotels and clubs across Delhi to advertise their product called Money Trade Coin (MTC), a virtual currency. The men claimed its registered office was in Nottingham, and branches in Dubai and Estonia. Its launch in Dubai was attended by well-known actors.
According to additional commissioner (crime) Ajit Singla, the men claimed their currency was floating at different trading platforms like MTCX-India.com, MTC-OSC, MT-CAB and Live-Coin etc and was being managed by their team of software engineers. “For each coin priced at three dollars, they promised a return of up to 2,500 dollars. They also claimed to have installed special servers for dealing in coins,” he said.
Last year, the gang was busted when the Maharashtra police arrested three from the network. Recently, the Delhi Police also blew the lid off their operations in the capital by arresting the gang’s Delhi head, Rohit Kumar (32). The alleged mastermind of the racket is one Dr Amit Lakhanpal who is hiding in Dubai, police said.
“After registering an FIR, the Cyber Cell developed information about the suspect and a team led by ACP Sidharth Jain conducted a raid at Lake View apartments in north Delhi’s Shakti Enclave to arrest Rohit. Another team led by inspector Sandeep Malhotra tracked the rest to Mumbai,” DCP (crime) Bhisham Singh said.
The Crime Branch was approached by several victims who alleged that Kumar and his aides had sent invitations through social media and personally to over 100 people in India and abroad. During the seminars in mid-2017, they launched the ‘initial coin offering’ of MTC cryptocurrency and started trading this coin in September 2017.
One of the accused posed as a “member of the ministry of finance” and distributed visiting cards to targets. “According to the RBI guidelines, the creation, trading or usage of virtual currencies including Bitcoin as a medium for payment is not authorised by any central bank or monetary authority. No regularity approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying such activities,” DCP Singh added. “It is not only a case of mass cheating but also attracts sections of The Prize Chits and Money Circulation Schemes (banning) Act, 1978,” Singh said.
Through 2017, the gang members, claiming to be from ‘Flinstone Technologies’, held seminars in five-star hotels and clubs across Delhi to advertise their product called Money Trade Coin (MTC), a virtual currency. The men claimed its registered office was in Nottingham, and branches in Dubai and Estonia. Its launch in Dubai was attended by well-known actors.
According to additional commissioner (crime) Ajit Singla, the men claimed their currency was floating at different trading platforms like MTCX-India.com, MTC-OSC, MT-CAB and Live-Coin etc and was being managed by their team of software engineers. “For each coin priced at three dollars, they promised a return of up to 2,500 dollars. They also claimed to have installed special servers for dealing in coins,” he said.
Last year, the gang was busted when the Maharashtra police arrested three from the network. Recently, the Delhi Police also blew the lid off their operations in the capital by arresting the gang’s Delhi head, Rohit Kumar (32). The alleged mastermind of the racket is one Dr Amit Lakhanpal who is hiding in Dubai, police said.
“After registering an FIR, the Cyber Cell developed information about the suspect and a team led by ACP Sidharth Jain conducted a raid at Lake View apartments in north Delhi’s Shakti Enclave to arrest Rohit. Another team led by inspector Sandeep Malhotra tracked the rest to Mumbai,” DCP (crime) Bhisham Singh said.
The Crime Branch was approached by several victims who alleged that Kumar and his aides had sent invitations through social media and personally to over 100 people in India and abroad. During the seminars in mid-2017, they launched the ‘initial coin offering’ of MTC cryptocurrency and started trading this coin in September 2017.
One of the accused posed as a “member of the ministry of finance” and distributed visiting cards to targets. “According to the RBI guidelines, the creation, trading or usage of virtual currencies including Bitcoin as a medium for payment is not authorised by any central bank or monetary authority. No regularity approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying such activities,” DCP Singh added. “It is not only a case of mass cheating but also attracts sections of The Prize Chits and Money Circulation Schemes (banning) Act, 1978,” Singh said.
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