The cyber crime police in Delhi, India has arrested the fourth accomplice of the cybercrime group that goes by the name ‘’Flintstone Group’’ after they scammed more than 25,000 investors by launching a fraudulent cryptocurrency. We are reading more in the latest crypto news.
The group launched the fraudulent Money Trade Coin and about 25,000 investors put their money in the project after they have been promised huge returns that of course, never materialized. After arresting three people last year including the group’s managing director Amit Lakhanpal, the police successfully arrested the fourth man Rohit Kumar.
The Flintstone Group convinced investors that their project is legitimate and said that Finance Ministry officials back up the project after giving the investors fake I.D cards from the government officials. They approached the Delhi High Court to petition the central bank to cut loose on their stance on cryptocurrencies.
The four men even attended events in Dubai which were even hosted by the royal family. The group said to the investors that the cryptocurrency will soon be accepted by the Ministry of Finance and will be used as a legal tender that will allow the investors to buy real estate.
The scammers had an office in Delhi where they had more than 70 employees that are now left jobless. Police are digging deeper to see whether the group has committed other illegal activity.
A police source said:
“The accused had set up office in Delhi’s Vikram Nagar and used to collect money from investors promising high returns. Lakhanpal was earlier holed up in Dubai and we believe that he may have fled to London.’’
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