Cyber Cell of Crime Branch busted a crime syndicate of virtual cryptocurrency in the name of 'Money Trade Coin' (MTC) and arrested one person in connection with it.
The accused, identified as Rohit Kumar, has been allegedly duping innocent people for several crores of rupees in the name of Money Trade Coin with the help of his associates.
The Delhi police acted on the written complaint filed by one Santosh Kumar against the accused and his associates for allegedly cheating, money laundering and violation of IT Act.
The complainant alleged that Rohit Kumar and his associates sent invitations to hundreds of people from India and aboard through social media and personally requested them to invest money in Virtual Crypto Currency namely Money Trade Coin of Flinstone Technologies Pvt. Ltd. which was traded at different Virtual Coin trading Platforms like MTCX India.com, MTC OSC, MTCAB and Live Coin managed by their Software engineers and promised higher returns of their investments.
In the complaint, it has been alleged that one of the associates of the accused distributed his visiting card wherein he presented himself as a member of the Ministry of Finance.
During interrogation, Kumar stated that he, along with his associates, used to allure victims by organising seminars and giving lectures. He also said that he left his last job in July 2017 and came into the field of Virtual Cryptocurrency/Multi-Level marketing to get easy money.
He further stated that they had conducted the event of initial coin offering process, software and website development, installation of fake servers etc to cheat the victims. In this way, they have collected a huge amount of money from the victims through Cheques in the account of alleged companies namely Flintstone Technology Pvt. Ltd. and Flintstone Infrastructure Pvt. Ltd. and the major part of the said amount was taken in cash.
As per RBI guidelines, the creation, trading or usage of virtual currencies including Bitcoin as a medium for payment is not authorized by any Central bank or monetary authority. No regularity approvals, registration or authorization is stated to have been obtained by the entities concerned for carrying such activities.
Sachin Shailer, Vikram Manghera, and Tah Quazi have already been arrested by Maharashtra Police in connection with this case, while Amit Lakhanpal is still absconding.
Further investigation in the matter is underway.
Disclaimer: No Business Standard Journalist was involved in creation of this content
