Crypto investment fraud accused traced to Dubai
MUMBAI, Aug. 22 -- The Enforcement Directorate's (ED's) money laundering probe into an alleged Rs.113.10-crore crypto-based investment fraud revealed that a key accused, AM Lakhanpal, exited India and has been living in Dubai after acquiring an Antigua and Barbuda passport under a fake identity, agency officials said on Thursday.
ED's probe is based on a case registered by Thane City police against several accused, including Lakhanpal, for defrauding investors of Rs.113.10 crore in the name of an unrecognised cryptocurrency - Money Trade Coin (MTC).
Earlier, on August 12, the ED searched several locations in Mumbai and Thane, seizing Rs.1 crore cash, incriminating documents and digital devices.
The seized documents allegedly revealed that the accused conducted several seminars in Delhi, Pune and Nashik as part of a promotional campaign for the cryptocurrency. Lakhanpal had falsely portrayed himself as a 'finance ministry official' at the seminars and promised substantial returns on investment in the 'MTC'. He also claimed that the central government would recognise the coin soon.
The probe further revealed that the MTC's rates were subsequently manipulated, and withdrawal and trading facilities were stopped, causing investors to lose even their principal amounts. According to the ED, Rs.113.10 crore was swindled this way between August 2017 and April 2018....
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