Indian Police Make Further Arrest For Flintstone Group Crypto Scam

Indian Police Make Further Arrest For Flintstone Group Crypto Scam

Flintstone Group Crypto Scam

The Cyber crime police of Delhi have made further arrest in unfolding the Flintstone Group Crypto Scam run by an organization known as ‘Flintstone Group’.

The group launched a fraudulent cryptocurrency called Money Trade Coin (MTC), and deceived 25,000 investors with promises of massive returns which never materialized. After making three arrests last year including Flintstone Group managing director Amit Lakhanpal and his chief accountant Sachin Shelar, the Delhi police cyber crime unit arrested a fourth man, Rohit Kumar, on Tuesday. A resident of Kanpur, Kumar was a collection agent working on behalf of the accused.

The Flintstone Group convinced investors of the legitimacy of their project, posing as Union Finance Ministry officials at one point with fake I.D. cards and backstories.

The group also participated in approaching the Delhi High Court to petition the central bank to reconsider its harsh stance against cryptocurrencies.

The sscam mastermind who happens to be a real estate CEO Lakhanpal allegedly attended events in Dubai, some of which was reportedly attended by the royal family. There he reportedly claimed that his cryptocurrency would soon be accepted by the Ministry of Finance and would be used as legal tender with which to buy real estate and that MTC had offices in the UK, Singapore, Italy, and Malaysia.

A police officer said: “The accused also showed prospective clients an article in an international magazine, which claimed that one of the royals was his partner,”

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