Thane police bust cryptocurrency racket; One arrested, mastermind flees to Dubai

THANE: The Thane police have arrested a person involved in fake cryptocurrency racket. The gang has duped more than 25,000 investors of more than Rs 500 crore, informed the police. The main accused in this case has fled to Dubai. The crime branch Unit 1 of Thane police had received a complaint against a company that has been identified as Flintstone Group, who lured investors to invest in their MONEY TRADE COIN (MTC) scheme. Under the scheme the MTC cryptocurrency was created. The complainant Pravin Mukutlal Agrawal had invested Rs 1,76,26,000 in the scheme. Pravin filed a complaint in Chitlasar police station and the case was registered under IPC act 419,420,406, 465,467, 468,471, 120(b),171, 34 and Chit fund act 1982, Sections 4, MPDI act Section 3, and also IT act 66(d). The crime branch unit then raided the offices of Flintstone Group at Vikhroli and Ghodbunder Road. The police also arrested a person identified as Taha Hafij Kazi (26) who works in the company. "Cryptocurrency is illegal in India. The gang had created a cryptocurrency named as MTC and investors invested in it hoping to get good returns. We have received a complaint and are raiding the offices of the Flintstone Group. We have arrested one person in this case and are looking out for more people. The mastermind of this gang is Amit Lakhanpal and as per the information he has fled to Dubai," said Parambir Singh, Thane Police Commissioner. - FPJ News Service