UAE arrests Amit Lakhanpal, accused mastermind of India’s ₹113-crore MTC crypto fraud

UAE authorities arrested Amit Lakhanpal, the alleged mastermind of India’s ₹113.10 crore ($13.6 million) Money Trade Coin fraud, on September 1, 2026, acting on an Interpol Red Notice sought by Thane Police, eight years after an India Today undercover investigation first exposed the scheme.

According to the report, the ED shared information about Lakhanpal’s whereabouts with UAE authorities, contributing to his arrest. The Indian government has since initiated extradition proceedings and sought case-related information from the relevant investigating agencies.

The alleged fraud dates back to 2017 and 2018, when investors were reportedly encouraged to put money into MTC, an unregulated cryptocurrency. The ED said its investigation arose from an FIR registered by Thane City Police against Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others.

The agency said investors were induced to invest between August 2017 and April 2018, with their losses estimated at approximately Rs 113.10 crore.

How India Today exposed the MTC crypto scams

The roots of the MTC crypto scams case can be traced to India Today’s February 2018 undercover investigation, known as “Operation Bitcoin.” Reporters posing as wealthy investors visited the Thane office of the Flintstone Group, the company associated with Money Trade Coin.

During the undercover operation, company officials and Digamber Jangle, who was introduced as a senior MTC functionary, allegedly presented the cryptocurrency as an opportunity capable of generating exceptionally high returns.

According to the investigation, investors were told they could earn between 10 and 20 times their investment within four to six months. The sales pitch reportedly included promises of escrow-account access and even citizenship of a Caribbean country for major investors.

Jangle also claimed that MTC was in discussions with the governments of Antigua and Barbuda and could eventually be recognised as “legal tender” in countries in the region.

The claims formed part of a broader effort to attract investors by presenting MTC as a potentially lucrative financial opportunity. The investigation documented how assurances of rapid wealth and an upscale lifestyle were allegedly used to persuade prospective investors.

The revelations surrounding the MTC crypto scams subsequently triggered action from law-enforcement authorities in Maharashtra.

Police case followed India Today investigation

Following the investigation, Thane Police registered an FIR in June 2018 against Flintstone Group owner Amit Lakhanpal and his associates. By that point, however, Lakhanpal had reportedly already left India.

Then-Thane Crime Branch officer Nitin Thakre confirmed that cases had been registered against Jangle and others associated with the operation. Investigators also examined allegations concerning possible links between some police personnel and the alleged racket.

Then-Thane Police Commissioner Param Bir Singh publicly acknowledged India Today’s role in bringing the alleged fraud to light.

The police action established the initial criminal case, but Lakhanpal’s departure from India complicated efforts to bring him before investigators. The subsequent ED investigation expanded the focus beyond the original allegations and examined the broader financial structure surrounding the operation.

The developments also kept the MTC crypto scams case active years after the original investigation, eventually leading authorities to trace Lakhanpal to the UAE.

ED alleges wider network behind MTC operation

The ED’s August 20, 2026 statement provided additional details about the alleged structure of the MTC crypto scams operation. Investigators alleged that Lakhanpal organised seminars in Delhi, Pune and Nashik, where he portrayed himself as a Finance Ministry official and assured prospective investors that MTC would obtain government recognition.

The agency said Lakhanpal promoted the scheme as a legitimate financial opportunity while promising substantial returns on investments. Investigators also identified several related platforms and exchanges, including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya.

According to the ED, the price of MTC coins was manipulated during the operation. Trading and withdrawal facilities were subsequently suspended, allegedly leaving investors unable to access their funds.

The agency has also alleged that Lakhanpal and associates left India after obtaining passports from Antigua and Barbuda. They were reportedly living in Dubai while using assumed identities.

In a separate development last month, ED searches reportedly resulted in the seizure of nearly Rs 1 crore in cash, as well as digital devices and documents that investigators believe are connected to the alleged money-laundering network.

Lakhanpal’s arrest now gives Indian authorities an opportunity to pursue the next stage of the case through extradition proceedings. His detention in the UAE does not by itself resolve the allegations against him, and the extradition process will determine whether he is returned to India to face the proceedings.

For investigators, the development represents a new phase in the MTC crypto scams case, which began with an undercover media investigation in 2018 and continued through police and financial-crime probes.

The case also illustrates the difficulties authorities can face when suspects in alleged financial schemes leave the country before investigations are completed. Eight years after the original exposure, the arrest of Lakhanpal has brought one of the principal accused back into the reach of law-enforcement authorities, although the legal process remains ongoing.