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.

[henmark]

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.

Even I heard about Beldex from one of my colleague. For the fact, that person knew this is just an another ponzi/pyramid scheme but he is under the impression that he can make some money at the very initial stage and once he books profit, he will simply exit. That's still a risky move but he is ready to face that loss so I why not give it a try. India has now seen scams like this more decades. I guess this all started from Sahara. Sahara even sponsored Indian cricket team at that time but ended up being one of the biggest scam back then.

This is really denting the impression of cryptos. People should learn and understand that quick money is never a real thing. These shady platforms pay at the initial stage to gain trust but their end goal is to take maximum money and run as fast as they can.

[Cointikka]

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.

Mr Chandra has been a big supporter of the ruling party. Yes, he is using his influence to scam 23000 and yet none of the opposition is coming out and protesting against it. Why? Think about it! You will find the answer if you think about it.

Scams within this government are so unique that the opposition cannot talk about it. The opposition was always corrupt and if they do come out then our 56 year old young leader of the opposition will be in jail.

A small fun fact RG was caught with drugs at an airport when he was 22 or 25. That information has been wiped out from the internet. It was the ' 90s & at that time the opposition was ruling the country. It is similar to what Anant Ambani did in Bombay while under the influence of drugs. You will never find it on the internet.

[pawanjain]

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.

Mr Chandra has been a big supporter of the ruling party. Yes, he is using his influence to scam 23000 and yet none of the opposition is coming out and protesting against it. Why? Think about it! You will find the answer if you think about it.

Scams within this government are so unique that the opposition cannot talk about it. The opposition was always corrupt and if they do come out then our 56 year old young leader of the opposition will be in jail.

A small fun fact RG was caught with drugs at an airport when he was 22 or 25. That information has been wiped out from the internet. It was the ' 90s & at that time the opposition was ruling the country. It is similar to what Anant Ambani did in Bombay while under the influence of drugs. You will never find it on the internet.

I am not much into politics so I don't know about the cases you have mentioned here but a scammer is a scammer, period.
Shubhash Chandra should have been imprisoned long ago but that has not happened even to this date.
So it seems like he has some really good connections as you portray. This is what bites me the most, a corrupt India.

[JSRAW]

A small fun fact RG was caught with drugs at an airport when he was 22 or 25. That information has been wiped out from the internet. It was the ' 90s & at that time the opposition was ruling the country. It is similar to what Anant Ambani did in Bombay while under the influence of drugs. You will never find it on the internet.

Was it drugs or undisclosed cash or both, every media reports turned this as fake news, guess we'll never know.

But subramanian swamy has interesting things to say about it, he's a loose cannon so hard to trust him but I've seen few politicians on record bringing this incident in front of rahul gandhi, just to shut his mouth.

[Cointikka]

Was it drugs

It was drugs (cocaine), to be precise, if I remember it correctly. The Congress quickly wiped out this news from every news outlet in India at that time, so it is not at all possible to quote the source. I remember reading this news in TOI when newspapers were common in our household. Now, we can also see how many times he travels to Thailand every year. BJP has been notorious for his visits to that country.