India Today's 2018 crypto scam exposé leads to arrest of Amit Lakhanpal in UAE

Eight years after India Today TV's undercover investigation exposed the multi-crore Money Trade Coin (MTC) cryptocurrency scam, the mastermind, Amit Lakhanpal, has been arrested in the UAE, marking a major breakthrough in a case that defrauded investors of more than Rs 113 , who fled India in 2018 after the scam came under scrutiny, was arrested on September 1 following efforts by Indian agencies. A Red Notice had been issued against him at the request of the Thane Police. The Enforcement Directorate (ED), which intensified its probe, shared details of Lakhanpal's whereabouts with authorities, leading to his arrest. The Indian government has since initiated the process for his extradition from the UAE and sought case-related details from investigating arrest comes years after India Today's February 2018 special investigation, "Operation Bitcoin", revealed how investors across the country were being lured into a cryptocurrency scheme promising extraordinary INDIA TODAY EXPOSED THE MTC SCAMAs part of the undercover operation, India Today reporters posed as wealthy investors and visited the Thane office of the Flintstone Group, the company behind Money Trade the sting, company officials and Digamber Jangle, introduced as a senior MTC functionary, claimed investors could earn returns of 10 to 20 times their investment within four to six months. They also promised benefits such as access to escrow accounts and even citizenship of a Caribbean nation for large further claimed that MTC was in discussions with the governments of Antigua and Barbuda and could soon be recognised as legal tender in countries in the investigation uncovered how such claims were being used to entice investors with promises of quick riches and a lavish REGISTERED AFTER EXPOSEFollowing the India Today investigation, the Thane Police registered an FIR in June 2018 against Flintstone Group owner Amit Lakhanpal and his associates. By then, however, Lakhanpal had already left the Thane Crime Branch officer Nitin Thakre had confirmed that cases were registered against Jangle and others linked to the operation. Investigators had also examined allegations that certain police personnel may have had connections to the the time, then Thane Police Commissioner Param Bir Singh publicly acknowledged India Today's role in bringing the alleged fraud to PROBE REVEALS WIDER FRAUD NETWORKThe ED, in a statement issued on August 20, 2026, said its investigation stemmed from the FIR filed by Thane City Police against Amit Madanlal Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and to the agency, investors were induced to invest in the unregulated cryptocurrency between August 2017 and April 2018, resulting in losses of around Rs 113.10 ED alleged that Lakhanpal organised seminars in Delhi, Pune and Nashik, falsely portraying himself as a Finance Ministry official and assuring investors that MTC would receive government recognition. He promised substantial returns on investments and projected the scheme as a legitimate financial opportunity.Investigators also found that several related platforms and exchanges, including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya, were launched as part of the operation. The agency alleged that MTC coin prices were manipulated and that trading and withdrawal facilities were later suspended, leaving investors unable to access their ESCAPED USING CARIBBEAN PASSPORTSThe ED claimed that Lakhanpal and his associates fled India after obtaining passports from Antigua and Barbuda and were living in Dubai under assumed conducted by the agency last month resulted in the seizure of nearly Rs 1 crore in cash, along with digital devices and documents that investigators believe are linked to the alleged money laundering Lakhanpal now in custody in the UAE, Indian authorities are pushing ahead with extradition proceedings in a case that first came to light through India Today's 2018 undercover investigation.- EndsPublished By: Nitish SinghPublished On: Sep 10, 2026 01:41 IST