Key Takeaways
- • Amit M Lakhanpal, a key accused in a ₹113.10-crore ($13.6 million USD equivalent) cryptocurrency investment fraud, has been arrested in the UAE following an Interpol Red Corner Notice issued by Indian authorities.
- • The fraud involved creation and promotion of an unrecognised cryptocurrency called 'Money Trade Coin' (MTC) that collected funds without requisite approvals from India's government or Reserve Bank of India between August 2017 and April 2018.
- • Indian authorities are pursuing formal extradition proceedings through diplomatic channels, leveraging the India-UAE extradition treaty in force since 1999, with the Enforcement Directorate and Maharashtra police jointly investigating the case.
- • ED searches conducted on August 12 seized ₹1 crore in cash, incriminating documents, and digital devices; seized materials revealed the accused conducted promotional seminars across Delhi, Pune, and Nashik to solicit investors.
- • Four co-accused have been identified alongside Lakhanpal: T H Qazi, S V Shelar, and K B Shirsath; the case originated from a Thane city police investigation into the fraudulent scheme.
Summary
Amit M Lakhanpal, identified as a principal architect of a ₹113.10-crore cryptocurrency investment fraud, has been apprehended in the United Arab Emirates following an Interpol Red Corner Notice. UAE authorities notified their Indian counterparts of the arrest on September 1, 2026. The detention represents a significant development in a multi-agency investigation spanning the Enforcement Directorate (ED), Maharashtra police, and Thane city police, which initiated the original criminal case.
The fraud scheme centred on the creation and aggressive promotion of 'Money Trade Coin' (MTC), an unrecognised cryptocurrency. Between August 2017 and April 2018, Lakhanpal and his co-conspirators—T H Qazi, S V Shelar, and K B Shirsath—induced a substantial number of investors to commit capital to the scheme without obtaining mandatory approvals from India's government or Reserve Bank of India. According to seized promotional materials, the accused conducted multiple seminars across Delhi, Pune, and Nashik to recruit investors and legitimise the offering.
Indian authorities have initiated formal extradition proceedings through diplomatic channels, capitalising on the bilateral extradition treaty between India and the UAE that has been operative since 1999. The ED's money-laundering investigation, which forms the basis for the extradition request, is grounded in the original Thane police case. In May 2026, India's Central Bureau of Investigation reported that Interpol had issued a 'silver notice' against Lakhanpal, enabling member countries to coordinate on asset identification and recovery efforts.
On August 12, the ED's Mumbai zonal unit conducted coordinated searches across multiple locations in Mumbai and Thane, seizing ₹1 crore in cash along with incriminating documents and digital devices. These materials provided evidence of the sophisticated promotional infrastructure underpinning the scheme and substantiated allegations of fraud across multiple Indian states.
The fraud scheme centred on the creation and aggressive promotion of 'Money Trade Coin' (MTC), an unrecognised cryptocurrency. Between August 2017 and April 2018, Lakhanpal and his co-conspirators—T H Qazi, S V Shelar, and K B Shirsath—induced a substantial number of investors to commit capital to the scheme without obtaining mandatory approvals from India's government or Reserve Bank of India. According to seized promotional materials, the accused conducted multiple seminars across Delhi, Pune, and Nashik to recruit investors and legitimise the offering.
Indian authorities have initiated formal extradition proceedings through diplomatic channels, capitalising on the bilateral extradition treaty between India and the UAE that has been operative since 1999. The ED's money-laundering investigation, which forms the basis for the extradition request, is grounded in the original Thane police case. In May 2026, India's Central Bureau of Investigation reported that Interpol had issued a 'silver notice' against Lakhanpal, enabling member countries to coordinate on asset identification and recovery efforts.
On August 12, the ED's Mumbai zonal unit conducted coordinated searches across multiple locations in Mumbai and Thane, seizing ₹1 crore in cash along with incriminating documents and digital devices. These materials provided evidence of the sophisticated promotional infrastructure underpinning the scheme and substantiated allegations of fraud across multiple Indian states.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.