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The Thane Police has busted an online cryptocurrency racket, which had allegedly collected an estimated Rs 500 crore from people with promise of good returns, and has arrested one person, an official said today. Some people had floated a company about a year back and launched their own cyrptocurrency called the 'Money Trade Coin (MTC)', through which they promised high returns and lured people to invest about Rs 500 crore into its schemes, the police official said. However, the company allegedly failed to pay the promised sum to the investors. The accused allegedly posed as representatives of the Union Finance Ministry and had also prepared fake identity cards to cheat people, Thane Police Commissioner Param Bir Singh said at a press conference here. Around 25,000 people fell prey to the accused and invested money in the company, he said. Based on a complaint by a New Delhi-based businessman, the police raided the company's premises on the Ghodbunder Road in Thane and in suburban ...

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