Eight years after India Today’s undercover investigation exposed the multi-crore Money Trade Coin (MTC) cryptocurrency scam, the Enforcement Directorate (ED) has intensified its probe, conducting searches across Mumbai and Thane and uncovering fresh evidence in a fraud that allegedly cheated investors of over Rs 113 crore.
The latest action stems from “Operation Bitcoin”, a special investigation by India Today TV and Aaj Tak in February 2018 that revealed how investors across the country were being lured into dubious cryptocurrency schemes with promises of extraordinary returns.
HOW INDIA TODAY EXPOSED THE SCAM
As part of the undercover investigation, India Today reporters posed as high-value investors and visited the office of the Flintstone Group in Thane, the company behind Money Trade Coin.
During the sting operation, company officials and Digamber Jangle, presented as a senior MTC functionary, promised returns of 10 to 20 times the investment within four to six months. They also claimed that large investors could receive access to escrow accounts and even citizenship of a Caribbean nation.
Jangle further claimed that MTC was in touch with the governments of Antigua and Barbuda and that the cryptocurrency could soon be accepted as legal tender in countries in the region.
The investigation revealed that these claims were being used to attract investors with dreams of quick wealth and an extravagant lifestyle.
POLICE ACTION AFTER EXPOSE
Following the India Today investigation, the Thane Police registered a case in June 2018 against Flintstone Group owner Amit Lakhanpal and his associates.
At the time, then Thane Crime Branch officer Nitin Thakre confirmed that cases had been filed against Jangle and others linked to the operation. Investigators also suspected that some police personnel had connections to the racket.
The then Thane Police Commissioner, Parambir Singh, had publicly acknowledged India Today’s role in bringing the alleged fraud to light.
ED UNCOVERS LARGER FRAUD NETWORK
In an official statement issued on August 20, 2026, the ED said its investigation was based on the FIR registered by Thane City Police against Amit Madanlal Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others.
According to the agency, investors were fraudulently induced to invest in the unrecognised cryptocurrency between August 2017 and April 2018, leading to losses of approximately Rs 113.10 crore.
The ED said Lakhanpal allegedly organised seminars in Delhi, Pune and Nashik, falsely presenting himself as a Finance Ministry official and assuring investors that MTC would receive government recognition. He also promised substantial returns on investments.
Investigators found that multiple schemes and exchanges, including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya, were later launched. The agency alleges that MTC coin prices were manipulated and trading and withdrawal facilities were eventually halted, leaving investors unable to recover their money.
ACCUSED FLED INDIA
The ED further claimed that Lakhanpal and his associates fled India after acquiring passports from Antigua and Barbuda and are currently living in Dubai under false identities.
Searches conducted on August 12 led to the seizure of nearly Rs 1 crore in cash, along with several digital devices and documents believed to be linked to the alleged money laundering operation.
The agency said further investigation is underway.
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