The Indian police have arrested an accused for being a part of a crypto scam involving INR 5 billion (about $71.6 million), as reported by the local media, The Indian Express.

Rohit Kumar, an associate in the cryptocurrency scam, is the fourth one to get arrested by the police after a year of disclosure of the case. Amit Lakhanpal, the CEO of a real estate firm, launched the scam and cheated investors by selling a crypto coin, dubbed Money Trade Coin, which was never listed on any crypto exchange.

The price of the token was inflated by the organization to boost sale. But, when the token price fell and investors failed to sell their tokens, it was suspected of fraud and conspiracy. As a result, an FIR was filed on December 31, 2018, under IPC sections 420 (cheating), 120-(B) (criminal conspiracy), section 4 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Section 66(D) of the IT Act, 2000.

The police have reported that Lakhanpal conducted events in Dubai that were attended by the royal family members. He also used a fabricated article in an international magazine to project one of the royals as his partner and lure prospective clients.