1 week ago
ED Flags Thane Man Who Fled After Cryptocurrency Fraud
Investigators say Amit Lakhanpal helped run an investment scheme involving a cryptocurrency called Money Trade Coin.
They allege that people were promised large profits and told the coin would receive government recognition.
The agency says Lakhanpal pretended to be a Finance Ministry official at seminars.
Investors allegedly lost more than Rs 113 crore after the coin’s value was manipulated and withdrawals were stopped.
The Enforcement Directorate searched locations in Thane and Mumbai.
It says officers found Rs 1 crore in cash and some documents.
Investigators also say Lakhanpal left India using an Antigua and Barbuda passport.
They allege he is now living in Dubai with a false identity.
The Enforcement Directorate registered a money-laundering case against Amit Lakhanpal and others based on a Thane Police FIR.
The agency alleges investors lost Rs 113.10 crore through the unrecognised Money Trade Coin cryptocurrency between August 2017 and April 2018.
Lakhanpal allegedly posed as a Finance Ministry official and promised government recognition and substantial returns on the cryptocurrency.
ED searches in Thane and Mumbai on August 12 reportedly seized Rs 1 crore in cash and documents.
The agency says Lakhanpal acquired an Antigua and Barbuda passport, fled India and is living in Dubai under a fake identity.
- Who
- The Enforcement Directorate is investigating Amit Lakhanpal and alleged accomplices over an investment fraud.
- What
- A money-laundering case was registered over an alleged Rs 113.10 crore cryptocurrency investment fraud involving Money Trade Coin.
- Where
- The alleged seminars took place in Delhi, Pune and Nashik; searches occurred in Thane and Mumbai, while Lakhanpal is allegedly in Dubai.
- When
- The alleged fraud took place between August 2017 and April 2018; ED searches were conducted on August 12.
- Why
- The ED alleges investors were induced to invest through false claims about government recognition and high returns, then lost money when trading and withdrawals were stopped.
Key facts
- Alleged fraud amount
- Rs 113.10 crore
- Cryptocurrency
- Money Trade Coin (MTC)
- Alleged fraud period
- August 2017 to April 2018
- Search locations
- Thane and Mumbai
- Cash seized
- Rs 1 crore
- Alleged current location
- Dubai
- Citizenship document cited
- A passport from Antigua and Barbuda
Sources
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