An Indian Police officer who was an accomplice in a cryptocurrency scam of $75 million is now under investigation in Mumbai. The complaint against the officer was filed by a businessman. The local crime branch of Mumbai Police uncovered the Initial Coin Offering (ICO) scam. The scam was operated under the name of Money Trade Coin (MTC) by Amit Madanlal Lakhanpal, the main suspect who is also an Indian Police Officer.
When the premise of MTC was raided, police seized 53 laptops, fabricated documents and rubber stamps. One of these suspects who was providing technology services to the company was also arrested while the other five members have not been arrested yet. During the investigation, it was found that an Assistant Inspector of Police (API) Dighamber Jangale was also involved in the ICO Scam. The API is suspected to have facilitated the accused in running from MTC before the raid.
MTC also offered a private ICO just like the initial public offering (IPO). People were invited and offered coins for as low as $3 per coin. When the value of the coin reached $6000, no one was able to cash their coins since the company was never listed on any cryptocurrency exchange. The MTC website also did not have anything substantial to offer to its customers. The press mentions and the team sections were empty and did not lead anywhere. This indicated that the website was created for operating the scam. The crime branch is also investigating all the accused and will be charged with forgery, cheating, and criminal conspiracy as Indian laws.