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₹113 Crore Crypto Scam Accused Amit Lakhanpal Arrested in…

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activeCrypto / Investment FraudPan India

₹113 Crore Crypto Scam Accused Amit Lakhanpal Arrested in UAE After Years on the Run

A major cryptocurrency investment fraud case involving over ₹113 crore has unfolded around a digital token called Money Trade Coin. Investigators allege that the primary accused orchestrated a scheme in 2017-18 by posing as a Finance Ministry official to gain investors' trust, promising high returns, and claiming the digital currency would soon receive government recognition. Luxury seminars were held in multiple cities, including Delhi, Pune, and Nashik, to attract investors into the scheme.

State

Multiple States

First reported

September 2026

Amount alleged

₹113 Crore

Agency involved

Police and Enforcement Directorate

Arrests

The primary accused arrested in the UAE

Key associates named

Taha Hafiz Qazi, Sachin Vasant Shelar, and Komal Bhimrao Shirshath

Status

The primary accused is detained in the UAE while Indian authorities prepare extradition proceedings

The full story

Everything you need to know about this case, in one place.

As the operation expanded, the accused and associates allegedly launched several other schemes and fake cryptocurrency exchanges, such as Coin Deposit Ratio, MTC Banque, MTCX India, and Cryptozaniya. Police allege that the masterminds manipulated coin prices before abruptly halting trading and withdrawal facilities, leaving investors unable to recover their principal amounts or promised returns. The Enforcement Directorate subsequently launched a separate money laundering investigation into the diverted funds.

Following the registration of cases, the primary accused and certain close associates fled India, utilizing passports obtained from Antigua and Barbuda. Investigators tracked the main suspect to the United Arab Emirates, where he was allegedly living under a false identity. His arrest was ultimately executed based on an Interpol Red Notice, and Indian authorities are now actively preparing extradition proceedings to bring him back for questioning.

Not yet reported: The exact dates of the primary accused's arrest and the specific timeline of when the initial police cases were registered in India are not reported.

Where the case stands

The latest position in the reports we read.

The primary accused has been arrested in the UAE based on an Interpol Red Notice, and Indian authorities are preparing documents to initiate extradition proceedings.

Who was affected

Described in general terms; we do not name victims.

Numerous investors across multiple Indian states who lost their principal investments and promised returns after trading and withdrawals were halted.

Timeline

Key dates as reported, oldest first.

2017-18The Money Trade Coin cryptocurrency scheme operated and defrauded investors of over ₹113 crore.

2023-24The wife of the primary accused attempted to leave India three times and was stopped before eventually departing using an Antigua and Barbuda passport.

Recent (Not reported)Authorities seized around ₹1 crore and arrested the primary accused in the United Arab Emirates based on an Interpol Red Notice.

How the scam worked

The method described in the reports.

The primary accused posed as a Finance Ministry official to gain credibility among potential investors.
Seminars promoting the Money Trade Coin scheme were organized at luxury hotels in cities like Delhi, Pune, and Nashik.
Investors were falsely promised high returns and told that the digital currency would receive official government recognition.
The perpetrators floated additional schemes and alleged cryptocurrency exchanges, including Coin Deposit Ratio, MTC Banque, MTCX India, and Cryptozaniya, to keep drawing in funds.
The accused manipulated the price of the coins before abruptly shutting down trading and withdrawal facilities, blocking investors from accessing their money.

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Keep reading

More cases like this one.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

the420.inOriginal report The420.inOpens via Google News 17 days after assault on doctor at Kalyan hospital, patient’s son arrested - The Times of IndiaThe Times of India · 10 Sept 2026

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.