Amit Lakhanpal, the alleged mastermind behind the Money Trade Coin cryptocurrency scheme, was arrested in the United Arab Emirates on September 1. The development follows coordinated efforts by Indian agencies to locate him after he fled the country in 2018.

Indian authorities have initiated extradition proceedings and requested case-related materials from investigating agencies. A Red Notice had earlier been issued against Lakhanpal at the request of the Thane Police.

Details of the Alleged Fraud

Investigators state that investors were induced to put money into the unregulated cryptocurrency between August 2017 and April 2018. Total losses reached approximately $11.9 million. Lakhanpal is accused of organising seminars in Delhi, Pune and Nashik, presenting himself as a Finance Ministry official and assuring participants that Money Trade Coin would receive official recognition.

He promised substantial returns and described the scheme as a legitimate financial opportunity. Related platforms and exchanges, including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya, were launched as part of the operation. Authorities allege that coin prices were manipulated and that trading and withdrawal facilities were later suspended, preventing investors from accessing their funds.

Escape and Investigation Progress

Following registration of a first information report by the Thane Police in June 2018 against Lakhanpal and associates, he left India. The Enforcement Directorate later determined that Lakhanpal and others obtained passports from Antigua and Barbuda and lived in Dubai under assumed identities.

In a statement issued on August 20, the Enforcement Directorate confirmed its investigation stemmed from the Thane City Police case against Amit Madanlal Lakhanpal, Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others. Recent searches by the agency resulted in the seizure of nearly $105,000 in cash, together with digital devices and documents linked to the alleged money-laundering network.

The Enforcement Directorate shared information on Lakhanpal’s location with relevant authorities, which led to the arrest. Indian officials are now advancing the extradition process from the UAE.

Background of the Case

The scheme operated through the Flintstone Group, with offices in Thane. Company representatives claimed discussions were under way with the governments of Antigua and Barbuda and that the coin could soon be recognised as legal tender in Caribbean countries. These assertions formed part of the pitch used to attract investors seeking rapid gains.

With Lakhanpal now in custody, authorities continue work to bring him before Indian courts in connection with the fraud case that first drew official attention in 2018.