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India’s Enforcement Directorate searched multiple properties in Mumbai and Thane on Aug. 12 as part of a money-laundering probe into Money Trade Coin (MTC), an unrecognized cryptocurrency that investigators allege was used to defraud investors of roughly Rs 113.10 crore, with earlier estimates putting total losses as high as Rs 300 crore, through promises of unusually high returns.
The crypto scam investigation stems from an FIR filed by Thane City Police against Amit Madanlal Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others.
The latest ED action follows the original crypto scam investigation carried out by India Today TV and AajTak in February 2018 under the title “Operation Bitcoin.”
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In that investigation, undercover reporters presented themselves as prospective investors and visited the Thane office of Flintstone Group, which was linked to the MTC operation. Reporters indicated that they were prepared to invest crores of rupees, prompting representatives to make a series of claims about the cryptocurrency and its potential returns.
Digamber Jangle, who presented himself as a senior MTC official, allegedly told the undercover reporters that he could facilitate an escrow account and assist investors in obtaining citizenship in a Caribbean country.
Jangle also claimed that MTC had direct contact with the governments of Antigua and Barbuda and suggested that the cryptocurrency could eventually obtain legal-tender status in countries in the region.
The investigation found that such claims were allegedly used to make MTC appear legitimate and encourage prospective investors to commit substantial sums.
MTC was also promoted with claims that investments could increase by between 10 and 20 times within four to six months, according to the India Today investigation.
The allegations surrounding those representations became a central part of the crypto scam exposed by the 2018 investigation.
The ED’s latest action marks a significant development in the long-running crypto scam case. The agency carried out searches on August 12 under the Prevention of Money Laundering Act (PMLA), targeting multiple premises in Mumbai and Thane.
The searches produced approximately Rs 1 crore in cash along with what the agency described as incriminating material.
The ED’s investigation is based on the police case registered by Thane City Police following the 2018 investigation. At that time, police alleged that Lakhanpal, identified as the owner of Flintstone Group, and his associates had launched MTC and collected crores of rupees from investors.
The investigation also focused on Jangle, who was filmed during the India Today undercover operation making claims about MTC and its investment prospects.
Police had previously carried out raids at offices in Mumbai and Thane as investigators attempted to recover records and other documents associated with the alleged fraud.
The crypto scam subsequently attracted further scrutiny as investigators examined the people behind MTC and the manner in which investors were allegedly persuaded to put money into the scheme.
According to the ED, its more recent investigation has identified several schemes and platforms allegedly connected to the MTC operation.
The agency alleged that Lakhanpal conducted seminars in Delhi, Pune and Nashik, where he falsely represented himself as an official of India’s Finance Ministry and promoted MTC as an investment opportunity capable of generating substantial returns.
Investors were also allegedly promised government recognition for the cryptocurrency.
The ED said schemes and exchanges including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya were subsequently introduced. According to the agency, MTC prices were manipulated through these platforms.
Trading and withdrawal facilities were eventually stopped, leaving investors unable to recover their funds, the ED alleged.
The agency’s findings add another layer to the crypto scam, moving the investigation beyond the original sales pitch and into the operation of platforms allegedly used to facilitate trading and withdrawals.
The ED has not established the allegations through a final court judgment in the material provided, and the claims remain allegations at this stage.
The ED has also alleged that Lakhanpal and his associates left India after obtaining passports from Antigua and Barbuda.
According to the agency, Lakhanpal is currently believed to be living in Dubai under a fake identity.
The allegation could add an international dimension to the crypto scam investigation, particularly as authorities continue examining the movement of funds and the activities of individuals connected to the MTC operation.
The case began with an undercover investigation in 2018, followed by a police case and now a money-laundering probe more than eight years later. The sequence highlights the lengthy process involved in investigating alleged financial fraud involving multiple investors, companies, cryptocurrency platforms and potentially international jurisdictions.
At the heart of the case is the allegation that MTC was promoted as a legitimate cryptocurrency investment while investors were encouraged to expect extraordinary returns. The ED’s latest searches indicate that authorities are continuing to examine how the alleged operation was structured, how money moved through the network and what happened to investors’ funds.
The crypto scam case also illustrates the risks associated with investment schemes that promise exceptionally high returns while relying on claims of government recognition or international backing.
The original India Today investigation helped bring the MTC operation into public view in 2018. The ED’s searches in Mumbai and Thane now represent the latest chapter in an investigation that has continued across law-enforcement agencies and jurisdictions.
The ED investigation remains ongoing, with the agency examining the alleged money-laundering activities and assets connected to the case.
Primary source: India Today report, published August 21, 2026.
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