The mastermind operation worked as all the scams related to money.
The greed for making quick money has cost a lot to people and the greed in Cryptocurrency has taken place and proved a huge disaster.
In a different scenario, police have uncovered a huge scam of around ₹500 Crore Cryptocurrency scam in Mumbai, where the investors were promised 10 to 20 times the amount in cryptocurrencies.
One of the people involved in this scam has been arrested by the police but the main mastermind is still on the run.
In some other news, the husband of Shilpa Shetty, Raj Kundra was interrogated by the cops on another crypto scam of ₹2000 Crores.
₹500 Crore Cryptocurrency Scam unearthed In Mumbai
The person by the name of Amit Lakhani started a company by the name of Flinstone Group and launched their own Cryptocurrency called Money Trade Coin also called as MTC.
As in the initial phase, they advertised this currency super hard through both offline and online mediums. As the investors started coming they came with the promise of returning around 20X to the investors.
Investors Promised Unbelievable Returns
Apart from this, they also promised the investors with incredible allowances and Swiss Citizenship. The investors that already invested were promised extra additional returns if they continue the chain by bringing in more investors.
Got Anxious after RBI Crypto Ban
Once RBI placed the full ban on all sorts of Cryptocurrency transfers, these investors got anxious and they informed the police. After one of the businessman of Delhi by the name of Pravin Agarwal filed a complaint, the police started the investigation.
The Police have arrested the technical man of the group Taha Kazi, who mined the Cryptocurrency for the group.
DCP Abhishek Trimukhe said:
“We have registered the offense at Chitalsar police station. The accused were trading a cryptocurrency, called Money Trade Coin, and duped several people…. it is too premature to reveal anything.”
Cops are still searching for the founders and they are hunting down different places for the main masterminds.