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Delhi Police busts crime syndicate of virtual cryptocurrency, arrests one

ANI  |  New Delhi [India] 

Cyber Cell of Crime Branch busted a crime syndicate of virtual cryptocurrency in the name of 'Money Trade Coin' (MTC) and arrested one person in connection with it.

The accused, identified as Rohit Kumar, has been allegedly duping innocent people for several crores of rupees in the name of Money Trade Coin with the help of his associates.

The acted on the written complaint filed by one Santosh Kumar against the accused and his associates for allegedly cheating, money laundering and violation of IT Act.

The complainant alleged that and his associates sent invitations to hundreds of people from and aboard through and personally requested them to invest money in Virtual Crypto Currency namely Money Trade Coin of which was traded at different Virtual Coin trading Platforms like MTCX com, MTC OSC, MTCAB and Live Coin managed by their Software engineers and promised higher returns of their investments.

In the complaint, it has been alleged that one of the associates of the accused distributed his visiting card wherein he presented himself as a member of the

During interrogation, Kumar stated that he, along with his associates, used to allure victims by organising seminars and giving lectures. He also said that he left his last job in July 2017 and came into the field of Virtual Cryptocurrency/Multi-Level marketing to get easy money.

He further stated that they had conducted the event of initial coin offering process, software and website development, installation of fake servers etc to cheat the victims. In this way, they have collected a huge amount of money from the victims through Cheques in the account of alleged companies namely and and the major part of the said amount was taken in cash.

As per RBI guidelines, the creation, trading or usage of virtual currencies including Bitcoin as a medium for payment is not authorized by any Central or monetary authority. No regularity approvals, registration or authorization is stated to have been obtained by the entities concerned for carrying such activities.

Sachin Shailer, Vikram Manghera, and have already been arrested by in connection with this case, while is still absconding.

Further investigation in the matter is underway.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, January 08 2019. 21:45 IST
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