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.

Read more

You can leave a response, or trackback from your own site.

Leave a Reply