Delhi cybercrime branch exposed new cryptocurrency scam done by the company name 'Flintstone Group.' The group launched a fraudulent cryptocurrency called Money Trade Coin (MTC), hoodwinking 25,000 investors with promises of massive returns which, of course, never materialized.
Delhi Police arrest 3 people last year including company Managing Director Amit Lakhanpal and Chief accountant Sachin Shelar. On last Tuesday, the fourth person Rohit Kumar arrested on Tuesday. The Kumar is president of Kanpur and designated at a collection agent and working on the behalf of company.
The group is easily influenced people or investors in their project why showing union Finance ministry approval and with the fake id cards of union ministry. On the name of money trade coin, they even file a PIL Delhi High Court for the central bank to give recognition cryptocurrency in India.
This is camera work from an office of Delhi to manipulate the Crypto coin investor to buy phony cryptocurrency. There were staff of 70 people and leave them alone for the police busted. Now police is investigating involvement of other people in this scam.
The case was filed again all the five main people with charge of fraud and criminal conspiracy. Moreover, 53 laptop also seized by the police from the office. And there are many fake rubber stamps also recovered from the office. Such type of cases built a negative stigma of cryptocurrency in the country and now Central Bank think upon banning this technology in India.