₹113-cr crypto-investment fraud: Key accused in Dubai on Caribbean passport

MUMBAI: The Enforcement Directorate’s (ED) money laundering probe into an alleged ₹113

MUMBAI: The Enforcement Directorate’s (ED) money laundering probe into an alleged ₹113.10-crore crypto-based investment fraud revealed that a key accused, AM Lakhanpal, exited India and has been living in Dubai after acquiring an Antigua and Barbuda passport under a fake identity, agency officials said on Thursday.

ED’s probe is based on a case registered by the Thane City police against several accused, including Lakhanpal, TH Qazi, SV Shelar, and KB Shirsath. In this case, it was alleged that an unrecognised cryptocurrency, Money Trade Coin (MTC), was created and a large number of investors were fraudulently induced to invest, resulting in a fraud of around ₹113.10 crore.

Earlier, on August 12, the ED searched several locations in Mumbai and Thane, seizing ₹1 crore cash, incriminating documents and digital devices.

The seized documents allegedly revealed that the accused conducted several seminars in Delhi, Pune and Nashik as part of a promotional campaign for the cryptocurrency. Lakhanpal had allegedly falsely portrayed himself as a ‘finance ministry official’ at the seminars and promised substantial returns on investment in ‘MTC coin’; he also claimed that the central government would recognise it soon.

The probe further revealed that the MTC coin’s rates were subsequently manipulated, and withdrawal and trading facilities were stopped, causing investors to lose even their principal amounts. According to the ED, ₹113.10 crore was defrauded this way between August 2017–April 2018.