A 32-year-old man has been arrested for allegedly cheating people on the pretext of trading their money in cryptocurrency after promising high returns, the police said on Tuesday.
ACP (Crime Branch) Ajit Singla said that the accused has been identified as Rohit Kumar, a resident of Burari, and was arrested on December 31 on charges of cheating, criminal conspiracy, relevant sections of Prize Chits and Money Circulation Schemes (Banning Act) and IT Act.
Maharashtra Police had arrested three of his accomplices identified as Sachin Shailer, Vikram Manghera and Tah Quazi.
The city police said that they received a complaint stating that the accused and his accomplices invited several people through social media to invest in cryptocurrency which they named ‘Money Trade Coin’ in their company ‘Flinstone Technologies Pvt Ltd’.
The accused allegedly organised events at luxury hotels in Delhi and Mumbai where they lured people into investing money. “They [accused] said they have their head office in England and also have officers in Dubai and the UAE. They also promised the victims that one day MTC coin will touch $2,500 against their investment of $3,” Mr. Singla said adding that most of the money invested was through cheques and cash.
The police said that the accused started this business of virtual cryptocurrency and multi-level marketing in 2017.