You are here: Home » PTI Stories » National » News
Business Standard

Man arrested in virtual currency fraud

Press Trust of India  |  New Delhi 

A 32-year-old man was arrested for allegedly people in the name of or virtual money, police said Tuesday.

The accused has been identified as Rohit Kumar, a resident of Burari, they said.

The police received a complaint of cheating, money laundering and violation of Act against Rohit Kumar, Amit Lakhanpal, Rajinder Kumar Shah and others.

"In the complaint, the victims alleged that Kumar and his associates, through and personal invitation, urged hundreds of Indians and NRIs to invest their money in Money Trade Coin (MTC) of Flinstone Technologies Pvt Ltd,"

A K Singla, of Police (Crime), said.

The accused used to tell the victims that the (virtual)currency was Dubai-based and promised them higher returns, police said.

They also used to organise conferences and other lavish events at 5 star hotels to lure the unsuspecting victims, they said.

Kumar was nabbed from his residence on December 31, 2018.

Other members of the gang, namely Sachin Shailer, and were arrested by the Maharashtra Police, while Lakhanpal is absconding, police said.

According to RBI guidelines, "The creation, trading or usage of virtual currencies, including Bitcoin, as a medium for payment is not authorised by any central or monetary authority. No regularity approvals, registration or authorisation is stated to have been obtained by the entities concerned for carrying such activities".

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

First Published: Tue, January 08 2019. 22:12 IST
RECOMMENDED FOR YOU