Rs 500 cr cryptocurrency racket busted; one held

Source: The Hitavada      Date: 06 Jun 2018 09:10:56



THE Thane Police has busted an online cryptocurrency racket, which had allegedly collected an estimated Rs 500 crore from people with promise of good returns, and has arrested one person, an official said on Tuesday.

Some people had floated a company about a year back and launched their own cyrptocurrency called the ‘Money Trade Coin (MTC)’, through which they promised high returns and lured people to invest about Rs 500 crore into its schemes.

However, the company allegedly failed to pay the promised sum to the investors. Based on a complaint by a New Delhi-based businessman, the police raided the company’s premises on the Ghodbunder Road in Thane on Monday and subsequently nabbed a person, identified as Taha Kazi. The man, who was allegedly providing technical support to the company, was later arrested, the official said.