Eight years after India Today's undercover 'Operation Bitcoin' exposed the massive Money Trade Coin (MTC) scam, the Enforcement Directorate (ED) has launched major searches in Mumbai and Thane involving a ₹113 crore fraud.
- ED has launched intensive searches in Mumbai and Thane regarding the MTC scam.
- The fraud allegedly cheated investors of over ₹113.10 crore.
- The investigation stems from India Today's 2018 'Operation Bitcoin' sting.
- Main accused Amit Lakhanpal is suspected to be hiding in Dubai.
In a significant development following the groundbreaking undercover investigation by India Today in 2018, the Enforcement Directorate (ED) has escalated its probe into the multi-crore Money Trade Coin (MTC) cryptocurrency scam. Recent searches conducted across Mumbai and Thane have uncovered fresh evidence in a case that has long eluded total resolution.
The roots of this investigation trace back to February 2018, when India Today TV and Aaj Tak conducted 'Operation Bitcoin.' During this sting operation, reporters posed as high-net-worth investors to expose the Flintstone Group. The group, led by Amit Lakhanpal, allegedly promised astronomical returns of 10 to 20 times the initial investment within just a few months.
Why This Matters
BozokMedia analysis shows that this case highlights the extreme vulnerability of retail investors in the unregulated cryptocurrency market. The ability of fraudsters to leverage international identities and complex financial jargon underscores the urgent need for stricter cross-border digital asset regulations.
The MTC case serves as a chilling reminder that cryptocurrency can be used as a sophisticated veil for traditional Ponzi schemes.
According to the ED, the accused orchestrated elaborate seminars in cities like Delhi, Pune, and Nashik. During these sessions, Lakhanpal allegedly impersonated a Ministry of Finance official to grant legitimacy to the unrecognized MTC coin. The agency alleges that once massive funds were collected, trading and withdrawal facilities were abruptly halted, leaving investors stranded.
Historical Background
The scandal first broke in 2018 when the Thane Police registered an FIR against the Flintstone Group. At the time, the investigation suggested that the scammers were even promising Caribbean citizenship to large-scale investors, claiming ties with the governments of Antigua and Barbuda to add a layer of false credibility to their scheme.
| Key Entity | Details |
|---|---|
| Total Estimated Fraud | ₹113.10 Crore |
| Primary Accused | Amit Madanlal Lakhanpal |
| Investigating Agency | Enforcement Directorate (ED) |
| Scam Mechanism | Unrecognized Crypto & Fake Seminars |
Frequently Asked Questions
1. What was 'Operation Bitcoin'?
It was an undercover sting operation by India Today in 2018 that exposed the fraudulent promises of the Money Trade Coin scheme.
2. Where are the main accused currently?
The ED believes the primary accused, Amit Lakhanpal, and his associates have fled to Dubai using passports from Antigua and Barbuda.
