Blab Crypto
Indian Crypto Fraudster Amit Lakhanpal Arrested in UAE, Extradition Process Begins
On September 1, UAE police seized Amit Lakhanpal, the alleged mastermind behind a ₹113‑crore Money Trade Coin (MTC) scam that rattled Mumbai’s luxury hotels. The arrest followed a red‑notice issued by Thane police and the sharing of Lakhanpal’s location by India’s Enforcement Directorate (ED).
The ED, which enforces the Prevention of Money Laundering Act, 2002, has been probing Lakhanpal and co‑accused Taha Hafiz Qazi, Sachin Vasant Shelar and Komal Bhimrao Shirsath for money‑laundering tied to the MTC scheme. According to the ED, Lakhanpal launched an unrecognised cryptocurrency called MTC and lured investors with promises of government recognition during seminars staged in Mumbai’s star hotels. The scheme ran from 2017 to 2018, and investigators say it cost investors more than ₹113 crore.
Lakhanpal’s detention in the UAE marks a turning point in a case that has been under scrutiny for eight years. The Indian government has requested the UAE and other agencies to share case details to expedite the extradition process, which was initiated after the UAE authorities arrested Lakhanpal following the red‑notice.
The fraud first came to light in an undercover investigation by India Today TV, which exposed the MTC scheme in 2018. The report revealed that Lakhanpal had staged a press conference for MTC at the Taj Mahal Palace hotel in Mumbai’s Colaba on 18 October 2017, an event hosted by actor Lara Dutta. The launch was promoted as a Dubai‑based initiative and attracted other celebrities, including Govinda and Raza Murad.
Investigators also uncovered that a senior police officer in Thane had handled Lakhanpal’s office and clients, raising concerns about potential collusion. Earlier, the ED had searched premises linked to the accused and attached properties as part of its enforcement actions.
The MTC case is part of the ED’s broader focus on cryptocurrency fraud and money‑laundering schemes. The agency has intensified investigations into digital‑asset scams following a series of high‑profile cases that exposed vulnerabilities in India’s regulatory framework for crypto assets.
Lakhanpal’s arrest underscores the international dimension of crypto‑related fraud. The extradition request is being processed under the Fugitive Economic Offenders Act, 2018, which allows India to seek the return of individuals who have fled abroad to evade prosecution.
The case remains ongoing. While Lakhanpal is detained in the UAE, Indian authorities are still compiling evidence and coordinating with foreign law‑enforcement partners. The ED has indicated that it will continue to pursue the co‑accused and any remaining assets linked to the MTC scheme.
Once the extradition is completed, Lakhanpal could face trial in India and the possibility of asset recovery, depending on cooperation from UAE authorities and the legal procedures in both jurisdictions. The arrest serves as a reminder of the challenges regulators face in policing crypto‑related fraud and signals a continued effort by Indian law‑enforcement agencies to bring perpetrators of large‑scale digital‑asset scams to justice, no matter where they are located.
The ED, which enforces the Prevention of Money Laundering Act, 2002, has been probing Lakhanpal and co‑accused Taha Hafiz Qazi, Sachin Vasant Shelar and Komal Bhimrao Shirsath for money‑laundering tied to the MTC scheme. According to the ED, Lakhanpal launched an unrecognised cryptocurrency called MTC and lured investors with promises of government recognition during seminars staged in Mumbai’s star hotels. The scheme ran from 2017 to 2018, and investigators say it cost investors more than ₹113 crore.
Lakhanpal’s detention in the UAE marks a turning point in a case that has been under scrutiny for eight years. The Indian government has requested the UAE and other agencies to share case details to expedite the extradition process, which was initiated after the UAE authorities arrested Lakhanpal following the red‑notice.
The fraud first came to light in an undercover investigation by India Today TV, which exposed the MTC scheme in 2018. The report revealed that Lakhanpal had staged a press conference for MTC at the Taj Mahal Palace hotel in Mumbai’s Colaba on 18 October 2017, an event hosted by actor Lara Dutta. The launch was promoted as a Dubai‑based initiative and attracted other celebrities, including Govinda and Raza Murad.
Investigators also uncovered that a senior police officer in Thane had handled Lakhanpal’s office and clients, raising concerns about potential collusion. Earlier, the ED had searched premises linked to the accused and attached properties as part of its enforcement actions.
The MTC case is part of the ED’s broader focus on cryptocurrency fraud and money‑laundering schemes. The agency has intensified investigations into digital‑asset scams following a series of high‑profile cases that exposed vulnerabilities in India’s regulatory framework for crypto assets.
Lakhanpal’s arrest underscores the international dimension of crypto‑related fraud. The extradition request is being processed under the Fugitive Economic Offenders Act, 2018, which allows India to seek the return of individuals who have fled abroad to evade prosecution.
The case remains ongoing. While Lakhanpal is detained in the UAE, Indian authorities are still compiling evidence and coordinating with foreign law‑enforcement partners. The ED has indicated that it will continue to pursue the co‑accused and any remaining assets linked to the MTC scheme.
Once the extradition is completed, Lakhanpal could face trial in India and the possibility of asset recovery, depending on cooperation from UAE authorities and the legal procedures in both jurisdictions. The arrest serves as a reminder of the challenges regulators face in policing crypto‑related fraud and signals a continued effort by Indian law‑enforcement agencies to bring perpetrators of large‑scale digital‑asset scams to justice, no matter where they are located.
