India: Multi-Million Cryptocurrency Scam Busted After Investors Alert Police

The crime branch of India’s financial capital busted a multi-million cryptocurrency scam on June 5, 2018. Operating under the guise of a real estate company since 2016, The Flintstone group sold a lifestyle of Carribean homes and promised citizenships in African countries to disgruntled investors on the pretext of letting them in on a “soon-to-be-legal” cryptocurrency – the MoneyTradeCoin (MTC). The company was able to siphon hundreds of crores of Indian Rupees (worth tens of millions of U.S. dollars). A group of businessmen alerted authorities earlier this year about the fraudulent business. Collectively, they had invested over Rs 1.7 crore (US$ 253,130) in the real estate firm and were promised of high returns. However, their suspicions were aroused when Flintstone group executives gave no answers to their questions and frequently missed payout dates.

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