<img title="Representational Image" src="https://images.mid-day.com/images/2018/jun/Cryptocurrency-Scam.jpg" alt="Representational Image" /> Representational Image
An API rank officer is alleged to have helped Amit Lakhanpal in the cryptocurrency scam in which he duped investors of Rs 500-cr. The API's name had also cropped up in the Telgi scam earlier. Police are looking for him.
Lakhanpal, a class VIII pass, has fled the country after cheating investors using Money Trade Coin, a cryptocurrency that he launched. Police said about 25,000 people had invested in the racket.
How he cheated investors Thane Commissioner of Police, Param Bir Singh, said, "According to the complainant, people would hand over the cash, after which the accused would create their accounts. His firm ensured profit and growth from 60 to 90 per cent. If you invested with 100 coins, you could not use them for next six months. After six months your coins' value would rise upto $1,000.
But after six months Lakhanpal used to freeze the investor's account, or create technical issues in it, because of which the investor could never take his money back."&nbsp;Police had arrested Taha Kazi, who allegedly developed the software for Lakhanpal, and handled the technical operations of his firms.
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Home / Mumbai / Mumbai Crime News / Article / Cryptocurrency Scam: Amit Lakhanpal was helped by API in virtual currency scam

Cryptocurrency Scam: Amit Lakhanpal was helped by API in virtual currency scam

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