One More Cryptocurrency Scam in Mumbai - Rs 500 Crore ..

There seems no end to cases relating to defrauding investors using virtual currencies. Mumbai police’s crime branch department in Thane has busted a Rs 500 crore cryptocurrency scam on Monday, as per the initial report. The scam was operated for over two-year under the identity of a real-estate firm.

The scam was forged by The Flintstone Group, an alleged real estate firm, that promised investors with not only flats and high returns on investmetn but also African and Caribbean citizenships. The Flintstone Group’s cryptocurrency was termed as MoneyTradeCoin (MTC), which was used as a bait for investors to put in money with the lure of high returns and citizenships. The company also went into saying to investors that their cryptocurrency would be considered as legal tender in few years of time in all the African nations.

Thane Police Commissioner Param Bir Singh said at a press conference: “The accused allegedly posed as representatives of the Union Finance Ministry and had also prepared fake identity cards to cheat people. Around 25,000 people fell prey to the accused and invested money in the company”

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