The Enforcement Directorate (ED) searched multiple locations in Mumbai and Thane in an alleged ₹113.10-crore MTC cryptocurrency fraud case and seized around ₹1 crore in cash, documents and digital devices. Three accused have sought anticipatory bail after being summoned for questioning.

ED searches in Mumbai and Thane in the alleged MTC cryptocurrency investment fraud led to the seizure of around ₹1 crore in cash | AI Generated Image

Mumbai, August 20, 2026: The Enforcement Directorate (ED) has conducted searches at multiple locations in Mumbai and Thane as part of a money laundering investigation into an alleged cryptocurrency investment fraud involving Money Trade Coin (MTC), in which investors were allegedly cheated of around Rs 113.10 crore, officials said.

The searches, conducted by the ED’s Mumbai Zonal Office under the Prevention of Money Laundering Act (PMLA), resulted in the seizure of around Rs 1 crore in cash, besides incriminating documents and digital devices, the agency said.

Case Follows Thane Police Probe

The ED action followed a case registered by the Thane City Police against Amit Madanlal Lakhanpal, described by the agency as the alleged mastermind and an absconding accused, along with Taha Hafiz Qazi, Sachin Vasant Shelar, Komal Bhimrao Shirsath and others.

`;

According to the ED, the accused allegedly created and promoted MTC, an unrecognised cryptocurrency, and induced a large number of investors to invest in it between August 2017 and April 2018.

During the probe, the agency found that Lakhanpal held numbers of seminars in Delhi, Pune and Nashik, where he presented himself as a Finance Ministry official and claimed that MTC would receive government recognition. He allegedly lured investors by promising substantial returns on their investments.

Schemes And Platforms Under Probe

During the probe, the agency found that several schemes and exchange platforms, including Coin Deposit Ratio, MTC Banque, MTCX India and Cryptozaniya, were introduced as part of the operation. According to the agency, the value of MTC was allegedly manipulated through these platforms to attract and retain investors.

The accused subsequently stopped trading and withdrawal facilities, leaving investors unable to withdraw their funds or recover their principal amounts and promised returns. The agency has also alleged that Lakhanpal and some of his associates left India after obtaining passports of Antigua and Barbuda and are currently residing in Dubai under assumed identities.

Also Watch:

Accused Seek Anticipatory Bail

Following the searches, the ED summoned Qazi, Shelar and Vikram Baghera for questioning over the last two days. Fearing arrest, the three have approached the special PMLA court for anticipatory bail. On Wednesday, their lawyer sought interim protection pending the hearing of their anticipatory bail applications. The special judge SV Sahare rejected the application, observing that, "huge amounts of public money is involved. Though the investigation taken up by the Directorate of Enforcement now, it is necessary to have thorough investigation, which needs co-operation from the applicants"

To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/

Add As a

Trusted Source