Cryptocurrency is bigger than ever before, and it seems like everyone wants to get a piece of the pie. However, new information has come to light that suggests some Indian police officers have become involved with a cryptocurrency scam that is purportedly duping investors.
The Indian police official is currently under investigation for his assistance in pulling off a $75 million cryptocurrency scam based in Mumbai, India.
The cryptocurrency scam comes by means of an initial coin offering named Money Trade Coin, and was uncovered by the local crime branch of the Mumbai Indian Police on Monday. The investigation was started after a businessman who fell victim to the Money Trade Coin cryptocurrency scam complained to the authorities.
Warren Buffett’s 2018 Activist Investment
Following this report, the Indian police raided the Money Trade Coin premises, and arrested Taha Kazi who was providing technology services to the company. Unfortunately, there are five different suspects who currently remain in hiding – reportedly trying to avoid punishment for their involvement in the Money Trade Coin cryptocurrency scam.
The main suspect behind this scam is known as Amit Madanlal Lakhanpal who is believed to have escaped to Dubai, making it difficult to bring him to justice. During the raid on Money Trade Coin, the police collected 53 laptops, rubber stamps, and fabricated documents which may have been used in order to dupe investors.
After further investigation into this scam, it was discovered that Dighambar Jangale, who is an assistant inspector of police, may have actually been involved in the Money Trade Coin cryptocurrency scam – adding yet another suspect into the mix of these nefarious dealings.
While sometimes it can be difficult to tell a scam from a legitimate business, the Money Trade Coin website definitely has some fishy aspects to it that make it seem like it could be a scam. The white paper, team section, and press-mentions do not redirect anywhere, which seems to suggest that it isn’t all on the up-and-up
According to the person heading the investigations in an interview with Mumbai Mirror, “Just like an initial public offering (IPO), MTC offered a private initial coin offering (ICO), wherein he invited people and offered coins for just $3 each…Later, he hiked the value of one coin to $6,000, but nobody could cash their investment as MTC was never listed on any cryptocurrency exchange.”
The Indian police have charged the accused with cheating, forgery, and criminal conspiracy under Indian laws.
While this case of an Indian Police official being involved in a cryptocurrency scam may be shocking, it actually isn’t the first time that officials have been caught meddling with bitcoin illegally. It appears as if the allure of quick profits can appeal to people in any sort of profession – including those who are meant to uphold the law themselves.
There’s no word as to whether those affected by the Money Trade Coin cryptocurrency scam will get any of their investments back, but it certainly serves as a lesson to make sure that the area in which you are investing is legitimate in order to avoid fallout like we’ve seen with this case.