Amit Lakhanpal is an Indian Bitcoin billionaire who sold dreams of instant riches to many investors. He fabricated quite a few documents in order to cheat the investors of their money. According to the investigations, his company Money Trade coin even head office is a new roof and golf.
According to the police, he is just a school dropout and lives in Airoli. The crime branch officials conducted a search of his premises and recovered documents, Jewelry as well as cash of few lakhs.
Scam worth Rs. 500 crores (74 million USD):
Cops also seized a Lamborghini. The size of the scam is pretty huge. He has scammed over 500 crores from 25,000 different investors. He is currently in Dubai and might be arrested pretty soon.
According to an official from Crime Branch, he has faked each and every paper which he has shown to the investors. His Ph.D. is also fake. Also, bank deposits worth Rs. 250 crores (37 million USD) are also fake. Similarly, the letter of credit worth 1750 crores (259 million USD) is also fake. According to officials of the Crime Branch, he built his reputation based on these fake documents. Also, he flaunted his photographs with various Bollywood stars in order to increase his credibility.
He also forged a certificate which showed him as an advisor to the Ministry of Finance.
According to crime branch officials, the reason why he was able to scam such a significant amount of money is due to the fact that very little is known about cryptocurrencies. Most of the people just trusted him and did not find out anything about the cryptocurrency investment. This is the reason why he was able to scam such a significant amount of money.
According to the police Commissioner Param Bir Singh, he just promised huge returns to the investors and showed them the exponential rise of Bitcoin. He also highlighted the fact that Bitcoin has now risen to around $ 7000. As a result, people were falling head over heels in order to invest their money. This is the reason why he was able to bag such a lot of investments.
Even though not all of the money has been recovered yet but officials are hopeful that after he gets arrested, the bulk of the money will be recovered. It remains to be seen whether that is the case or whether the money of the investors is gone. For now, however, the officials are trying to reach him in UAE so that they can arrest him and bring him back to India.
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