Crypto scammers are causing our safe haven to shut down

[rakesh1_90]

https://www.facebook.com/watch/?v=1131401699233598

MTC scam is one of the oldest and most extensive fraud in Indian crypto space. After eight year mastermind behind this scheme Amit Lakhanpal has finally been captured in UAE! Following an Interpol Red Notice and tracking by ED, he was finally arrested in UAE.

If I recall correctly roughly 2017-18 Amit utilized to systematize conferences at 5-star resort, posing as official from Ministry of Finance. He swore that govt was proceeding to grant legal tender status & official recognition to their MTC Coin!

After embezzling fund worth approx ₹113 crore, he conveyed passport from Antigua & Barbuda then escaped to Dubai and lived there under bogus identity. You know such India centric Ponzi scheme, such as OneCoin, Terra-Luna or 3AC, defraud retail investor by touting govt partnership before fleeing to Caribbean islands. They could never have dragged this off without backing of corrupted govt minister.

On the other hand Government has consistently labeled these Ponzi schemes as crypto. Moreover, a certain faction in India uses these cases as pretexts to argue before the government against bringing crypto under legal and regulatory framework. The government remains undecided between the views that crypto = scam or crypto = investment. I do not know when they will finally wake up to the reality.

[eaLiTy]

~
After embezzling fund worth approx ₹113 crore, he conveyed passport from Antigua & Barbuda then escaped to Dubai and lived there under bogus identity. You know such India centric Ponzi scheme, such as OneCoin, Terra-Luna or 3AC, defraud retail investor by touting govt partnership before fleeing to Caribbean islands. They could never have dragged this off without backing of corrupted govt minister.

Just for clarity, neither OneCoin, Terra-Luna, nor 3AC were India-centric Ponzi schemes. They could have scammed users from India, but they didn't originate here.

• OneCoin created by Ruja Ignatova (Bulgarian-born German citizen), Karl Sebastian Greenwood (Sweden) and operated from Bulgaria
• Terra-Luna created by Do Kwon (South Korea)
• 3AC created by Su Zhu and Kyle Davies (both US citizens) later moved to Singapore and had offices in Dubai and they failed because they trusted Terra and Do Kwon

On the other hand Government has consistently labeled these Ponzi schemes as crypto. Moreover, a certain faction in India uses these cases as pretexts to argue before the government against bringing crypto under legal and regulatory framework. The government remains undecided between the views that crypto = scam or crypto = investment. I do not know when they will finally wake up to the reality.

Ponzi scams started over a century ago, and if anyone ties Ponzi schemes to crypto, they have no idea what they're talking about. It’s just plain and simple, ignorant, illiterate people saying it. There are many legitimate companies in India, and I hope the government won't make a stupid decision like that.

[Cointikka]

After eight year mastermind behind this scheme Amit Lakhanpal has finally been captured in UAE! Following an Interpol Red Notice and tracking by ED, he was finally arrested in UAE.

This is the problem with illiterate scammers. They feel the UAE is a safe zone and the government of India cannot bring them back home to face the judiciary. It is no longer a safe zone. The safest place in the world for criminals is the UK, or I should say, London. 

On the other hand Government has consistently labeled these Ponzi schemes as crypto. Moreover, a certain faction in India uses these cases as pretexts to argue before the government against bringing crypto under legal and regulatory framework. The government remains undecided between the views that crypto = scam or crypto = investment. I do not know when they will finally wake up to the reality.

For the government of India, cryptocurrency is viewed as a scam and a platform for fraudsters. The bureaucrats, who secure their positions by passing exams designed primarily for rote memorization, are unlikely to grasp the complexities of new technology. I believe that India will not change its policy or recognize the economic benefits of cryptocurrency in the next decade or so.

[pawanjain]

Ponzi scams started over a century ago, and if anyone ties Ponzi schemes to crypto, they have no idea what they're talking about. It’s just plain and simple, ignorant, illiterate people saying it. There are many legitimate companies in India, and I hope the government won't make a stupid decision like that.

You're absolutely right there. People just tag crypto with any scam they see and then label all cryptocurrencies as the same.

Congratulations on your Legendary rank.

This is the problem with illiterate scammers. They feel the UAE is a safe zone and the government of India cannot bring them back home to face the judiciary. It is no longer a safe zone. The safest place in the world for criminals is the UK, or I should say, London. 

Well may be he was unlucky to have been caught in UAE but some people who have scammed the banks by thousands of crores are still roaming free.
People like Shubash Chandra are roaming free in India itself even after scamming the banks for 23000 crores, that's unbelievable.

[Bitcoin Smith]

On an unrelated note, South India is facing crypto ponzi schemes more often and the current trend is called Beldex coin investment, where one needs to invest 10K BDX coin to get 400% return but the lock in period is 5 years. But the investors can withdraw real money if they make 2 other's to invest in the same way just like how a classic ponzi works. People are ignorant and they don't know any basics of investmet or crypto but the end crypto is tagged as bad thing at the end.