THANE: The crime branch of city police have busted a cryptocurrency racket by arresting one person, while the hunt was on for five others, police said on Tuesday.
The racket is said to be in the tune of around Rs 500 crore. Many fell victim to the mega racket, which was going on since the last one year.
The accused was identified was Tags Kazi, the technical support to the racket from Mumbra of the district.
The company, founded by Amit Lakhanpal, created his own cryptocurrency by name and style Money Trade Coin (MTC). He promised good returns and lured the victims into investments.
The victims were lured into several schemes and left high and dry after they invested, as they were not paid the promised sum.
On a complaint by a victim from Delhi, police booked the accused under Sections 419, 420, 406, 465, 467, 468, 471, 120 b, 174, 34 and 120 (B) of IPC and Section 4 of the Maharashtra Protection of Interest of Depositors Act, 1999, Section 4 and 5 of the Private Chitfund Law and Section 66A and D of the IT Act.