Amit Lakhanpal Arrested in UAE Over Rs 113-Crore MTC Crypto Scam

Amit Lakhanpal, accused of masterminding the Rs 113-crore Money Trade Coin (MTC) cryptocurrency scam, has been arrested in the UAE, eight years after an India Today undercover investigation exposed the alleged scheme.

Lakhanpal fled India in 2018 and was arrested on September 1 following a Red Notice issued at the request of Thane Police. The Enforcement Directorate (ED) had also shared information about his whereabouts with the relevant authorities.

Indian authorities have since initiated proceedings to seek his extradition from the UAE.

India Today Exposed Money Trade Coin in 2018

India Today's February 2018 undercover investigation, "Operation Bitcoin", sent reporters posing as wealthy investors to the Thane office of Flintstone Group, the company behind Money Trade Coin.

During the investigation, senior MTC functionary Digamber Jangle promised returns of 10 to 20 times the investment within four to six months. Investors were also offered escrow accounts and citizenship in a Caribbean nation for large investments.

Jangle claimed MTC was in discussions with the governments of Antigua and Barbuda and suggested that the cryptocurrency could soon be recognised as legal tender in parts of the region.

Thane Police Filed FIR Against Lakhanpal

Thane Police registered an FIR in June 2018 against Lakhanpal and others, but he had already left India.

Then Thane Police Commissioner Param Bir Singh publicly credited India Today's investigation with helping expose the case.

According to an ED statement dated August 20, 2026, investors were allegedly induced to invest in the unregulated cryptocurrency between August 2017 and April 2018, resulting in losses of approximately Rs 113.10 crore.

The ED also alleged that Lakhanpal posed as a Finance Ministry official at seminars in Delhi, Pune and Nashik.

ED Details Alleged MTC Crypto Scam Operation

According to the ED, MTC coin prices were allegedly manipulated before trading and withdrawal facilities were suspended, leaving investors unable to access their funds.

The investigation also identified several related platforms, including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya.

Lakhanpal and his associates allegedly obtained passports from Antigua and Barbuda and fled India. They were later reported to be living in Dubai under assumed identities.

Searches conducted by the ED last month resulted in the seizure of nearly Rs 1 crore in cash, along with digital devices and documents.

India Seeks Amit Lakhanpal's Extradition

Lakhanpal's arrest in the UAE comes eight years after the Money Trade Coin case emerged in India.

Indian authorities have now initiated proceedings to seek his extradition, bringing renewed attention to the Rs 113-crore cryptocurrency case.

The case also highlights the risks associated with investment schemes that use claims of government connections and unusually high returns to attract investors.

Investor Warning

For forex, CFD and cryptocurrency investors, the case is another reminder to verify a broker’s regulatory status, legal entity and trading platform before depositing funds.

Investors should check whether the broker is authorised by the relevant financial regulator and whether the website, company name and licence details match the regulator’s official records. Be particularly cautious of cloned trading platforms, fabricated market analysis, unrealistic investment offers and platforms that become inaccessible when withdrawals are requested.

Before opening an account, investors can also use our Broker Check page to review the broker’s regulatory information and risk profile.

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