Ratlam police have arrested eight persons for cheating lakhs of rupees in the name of crypto currency and recovered Rs 44 lakh which was brought back to India by freezing the accounts of Japan and Singapore based companies.

Police are looking for two main accused in this case. Apart from Ratlam, the accused had also cheated people of crores of rupees in Mandsaur, Neemuch, Dhar and Rajasthan by luring them with 30 percent monthly return.

On August 24, 2023, Salim Khan complained to Ratlam Police and told that Mohammad, Azam Khan Huzefa Jammali, Alok Pal, Wajid and Wasim cheated Rs 20 lakh by luring 30 percent monthly return on investment in crypto currency through MTFE company.

On the complaint, a case was registered against the accused in Police Station Industrial Area Jawara.

Similarly, Ashraf Ali complained against Govind Singh and Sandeep Tank in Police Station Station Road for cheating of about Rs 26.5 lakh. People believed in this Ponzi scheme of the accused to earn money easily and after some time the MTFE company cheated people through this scheme and closed the company and people's deposits of lakhs of rupees were lost.

A joint team including cyber cell was formed and started investigation in which Rs 1.43 crore was cheated from over 266 victims in Ratlam district . The team exposed the fraud committed by the MTFE company.

In both these cases, 8 people including MTFE CEO Huzefa Jamali and Govind Singh Chandrawat were arrested. Important information was obtained regarding cryptocurrency exchange platforms like Binance, Huobi, TRC20 etc. by interrogating Kalin Company's director Yogananda Bamore involved in MTFE fraud.

Police obtained information from various mediums/open sources and obtained addresses of about Rs 10.48 lakh TRC 20. In this, a large amount of money was transacted from different countries through MTFE's QR code.

On analyzing it, MTFE was found to have committed this type of fraud in India as well as Sri Lanka, Bangladesh, Pakistan and Nigeria. About 56 counterparty exchanges were used to convert currency from TRC 20. These mainly include Binance, KuCoin, OKX, Huobi, Bybit, USDt~Token, MEX, Sun Crypto etc.

 Information was obtained by contacting Binance and after analysis the main account UId~301254931 was identified. In this, transactions of about Rs 40 crore of the amount defrauded from India have taken place. The above Binance account is registered in the name of Anaku Peme, the main accused in the case.

Apart from India, the Binance account was registered on different devices from Singapore, Malaysia and used. Mobile numbers of Malaysia along with India were also found registered in the above Binance account. Binance has provided about 41 Binance accounts connected to the account of MTFE company, which were frozen by Ratlam Police on the orders of the court. There are about Rs 44 lakh in the above accounts. Since the amount held in Binance is related to crime, correspondence was made with Binance to transfer it to the government account and out of the above amount, Rs 43.77 lakh was refunded to the government accounts in the form of 26 currencies. The main accused in the case, Anaku Peme and Mercy Peme, are being continuously searched.