The ED, Mumbai Zonal Office, conducted search operations at multiple locations in Mumbai and Thane on August 12, 2026, in the case of Amit Lakhanpal and others under the PMLA, 2002. This case pertains to the defrauding of investors by promising high returns on investments in MTC Coin. During the search operations, cash amounting to approximately ₹1 crore, various incriminating documents, and digital devices were recovered and seized.
The Enforcement Directorate (ED), Mumbai Zonal Office conducted searches at several locations in Mumbai and Thane on 12.08.2026 under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
The ED initiated the investigation based on an FIR registered by the Thane city police against Amit Madanlal Lakhanpal, Taha Hafiz Kazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath, and others. The FIR alleged that an unapproved cryptocurrency, Money Trade Coin (MTC), was created and a large number of investors were fraudulently induced to invest in it, resulting in a fraud of approximately ₹113.10 crore between August 2017 and April 2018.
During the ED searches, it was found that several seminars were held in Delhi, Pune, and Nashik, where Lakhanpal falsely represented himself as a Finance Ministry official and promised substantial returns on investments in MTC Coin. He lured investors by promising government recognition for MTC Coin. Subsequently, various schemes/exchanges, including Coin Deposit Ratio, MTC Bank, MTCX India, and Cryptozania, were launched, which allegedly manipulated MTC Coin rates and disabled withdrawal/trading facilities, resulting in investors losing their principal and promised returns.
The ED investigation further revealed that Amit Lakhanpal, along with other associates, had obtained an Antigua and Barbuda passport and left India and is currently residing in Dubai, United Arab Emirates, using fake identities. Cash worth approximately ₹1 crore, several incriminating documents, and digital devices were seized during the search operation.
Further investigation is underway.
