Rs 500 Cr online cryptocurrency scam busted in Thane, around 25,000 cheated

[Spartan]

The Thane Police has busted an online cryptocurrency racket, which had allegedly collected an estimated Rs 500 crore from people with a promise of good returns, and has arrested one person, an official said on Tuesday.

Some people had floated a company about a year back and launched their own cryptocurrency called the 'Money Trade Coin (MTC)', through which they promised high returns and lured people to invest about Rs 500 crore into its schemes, the police official said.

 

 

However, the company allegedly failed to pay the promised sum to the investors. The accused allegedly posed as representatives of the Union Finance Ministry and had also prepared fake identity cards to cheat people, Thane Police Commissioner Param Bir Singh said at a press conference.

Around 25,000 people fell prey to the accused and invested money in the company, he said.

Based on a complaint by a New Delhi-based businessman, the police raided the company's premises on the Ghodbunder Road in Thane and in suburban Vikhroli in the adjoining Mumbai on Monday and subsequently nabbed a person, identified as Taha Kazi, from Mumbra town.

Singh said the police seized 53 laptops, rubber stamps and fabricated documents during the raids.

Kazi, who was allegedly providing technical support to the company, was later arrested, another police official said.

The police is trying to ascertain the exact modus operandi of the company's owners and how they used to run the racket. A search is on for five others for their alleged involvement in the racket, the police said.

A case has been registered against the accused under various Indian Penal Code sections for cheating, forgery, criminal conspiracy, criminal breach of trust and relevant provisions of the Maharashtra Protection of Interest of Depositors Act, the Chit Funds Act and the Information Technology Act.

Across the world, there have been heightened concerns over cryptocurrencies, also known as 'virtual currencies', such as Bitcoins as they are not regulated by any governments/central banks, leading to a fear of possible money laundering too.

The RBI had earlier come out with warnings to discourage the public from investing in virtual currencies.

The RBI has also asked banks not to extend banking facilities for sale or purchase of such currencies.

[Spartan]

Shilpa Shetty mogudu Raj Kundra kuda dorikadu inko cyrpto case lo..

ilanti oka case chesi settle aipovachu 

[Idassamed]

4 minutes ago, Spartan said:

Shilpa Shetty mogudu Raj Kundra kuda dorikadu inko cyrpto case lo..

ilanti oka case chesi settle aipovachu 

Yes 

Vaadini emi cheyyaru

[Spartan]

Just now, Idassamed said:

Yes 

Vaadini emi cheyyaru

IPL betting lo Arbaaz Khan, ivala morning Sajid Khan..iddaru got call from police for recording their stmt. 

[perugu_vada]

Crypto currency highly volatile n dangerous , dont c y ppl still after it  

[Spartan]

Just now, perugu_vada said:

Crypto currency highly volatile n dangerous , dont c y ppl still after it  

india lo small scale black money holders lo 40% invested in Bitcoin...

naak telsina okadu chitfund business chestadu Secbad lo..he got around 20Cr in that peoples money.

put in crypto, loss vachindi...chetulettesi IP pettesad.. 

[chicchara]

MTC vi ads kuda vachaaye tv lo appdu

[perugu_vada]

8 minutes ago, Spartan said:

india lo small scale black money holders lo 40% invested in Bitcoin...

naak telsina okadu chitfund business chestadu Secbad lo..he got around 20Cr in that peoples money.

put in crypto, loss vachindi...chetulettesi IP pettesad.. 

Like db lo @ronitreddy uncle like u mean tosay

[Spartan]

Just now, perugu_vada said:

Like db lo @ronitreddy uncle like u mean tosay

yes

[TampaChinnodu]

1 hour ago, Spartan said:

india lo small scale black money holders lo 40% invested in Bitcoin...

naak telsina okadu chitfund business chestadu Secbad lo..he got around 20Cr in that peoples money.

put in crypto, loss vachindi...chetulettesi IP pettesad.. 

Oh my balayyo

[bhaigan]

1 hour ago, Spartan said:

india lo small scale black money holders lo 40% invested in Bitcoin...

naak telsina okadu chitfund business chestadu Secbad lo..he got around 20Cr in that peoples money.

put in crypto, loss vachindi...chetulettesi IP pettesad.. 

[Peter123]

6 hours ago, perugu_vada said:

Crypto currency highly volatile n dangerous , dont c y ppl still after it