A company known as “Flintstone Group” had been operating for more than two years, creating the illusion that they were running a valid real estate business. This fake company made mouthwatering promises to unsuspecting investors, including citizenship in top African nations and ownership of mansions they could live in.
Schemes Applied to Deceive Investors
The Flintstone Group was able to generate a lot of money from investors by convincing them that a new cryptocurrency called MoneyTrade Coin was in the process of getting legal approval. They were led to believe if they threw more money into the coin, it would raise their chances of owning Caribbean mansions, getting citizenship in African nations and also giving them high ROI when the cryptocurrency finally gets approved by legal authorities. These lies were the bait that led investors to part with tens of millions of US dollars.
What Led to the Unraveling of the Million-Dollar Fraud
Suspicions that eventually led to their doom started when some businessmen, who had already invested a total of Rs 1.7 crore (Rs 17 million) into the business, had not received the promised ROI and also got no response from the officers of the company regarding the whereabouts of their returns. This led them to contact the police earlier this year and to report the fraudulent activities going on in the Flintstone Group.
The Mumbai police immediately started investigations, and on June 4, 2018, offices of the Flintstone Group were raided, leaving more than 60 workers stranded. As it stands, only two suspects have been detained as the managing director of the group, who is also suspected to be the mastermind of this fraud, remains on the run.
Reports from the Mumbai police show that some of Mumbai’s top celebrities could also have a hand in the fraud.