ED Raids Mumbai: Rs 113 Cr Crypto Ponzi Scheme Uncovered

The Enforcement Directorate (ED) recently executed raids across Mumbai and Thane, initiating an investigation into an alleged cryptocurrency investment scam valued at Rs 113.10 crore. This probe targets a scheme known as Money Trade Coin (MTC), with authorities seizing approximately Rs 1 crore in cash.

The ED’s action falls under the Prevention of Money Laundering Act (PMLA), following an FIR initially filed by the Thane Police. Investors were reportedly promised guaranteed and unusually high returns, a hallmark characteristic of a Ponzi scheme.

Mastermind and Modus Operandi

Investigators have identified Amit Lakhanpal as the alleged mastermind behind the MTC scheme. He is accused of fraudulently impersonating a Ministry of Finance official to gain the trust of potential investors.

The ongoing money-laundering investigation focuses on Lakhanpal and four other individuals. Authorities are meticulously scrutinizing the flow of funds and each person’s specific involvement.

During the recent searches, the ED confiscated critical evidence:

Approximately Rs 1 crore in cash.

Various documents related to alleged financial transactions.

Digital devices such as laptops and hard drives, believed to hold crucial data.

International Connections Surface

The investigation has also uncovered passports from Antigua and Barbuda among the accused, suggesting potential plans to flee India. Amit Lakhanpal is reportedly no longer within India and is believed to be in hiding in Dubai.

The Enforcement Directorate continues to examine financial records, digital evidence, and the international connections of all individuals implicated in this extensive crypto scam.