Police bust cryptocurrency racket worth Rs 500 crore in Thane

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Police bust cryptocurrency racket worth Rs 500 crore in Thane
The Thane police on Monday busted a racket where a gang allegedly duped numerous investors across the country in Ponzi schemes involving virtual currency or cryptocurrency, reported The Times of India. The Crime Branch scam amount is pegged between Rs 300 crore and Rs 500 crore, the report suggested. While one person has been detained in the scam, there are five others who are absconding, including the firm’s director Amit Lakhanpal.It has also come to light that a prime technical support staff, Taha Kazi, has been detained by the authorities for his involvement in the cryptocurrency scam. Lakhanpal had floated his own cryptocurrency, Money Trade Coin (MTC), added the ToI report. It may be noted that the cryptocurrency is a form of digital currency but not officially allowed in India.Finance Minister Arun Jaitley, in his Union Budget speech on February 1, had stated that the government will do everything to discontinue the use of virtual currencies in India. “The government does not recognise cryptocurrency as legal tender or coin and will take all measures to eliminate the use of these crypto-assets in financing illegitimate activities or as part of the payments system,” the finance minister had said. Source : TOI