India’s Enforcement Directorate (ED) has searched properties linked to the alleged Money Trade Coin (MTC) scheme in Mumbai and Thane, recovering around ₹1 crore in unaccounted cash. The agency estimates the alleged fraud at roughly ₹113.10 crore and has opened proceedings under the Prevention of Money Laundering Act (PMLA), 2002. The August 20, 2026, searches by the ED’s Mumbai Zonal Office represent the first substantive central-agency action after the case remained with Thane City Police for nearly eight years. MTC was promoted as an unrecognised cryptocurrency with promised returns of 10 to 20 times the investment within four to six months, but it was never listed on a legitimate exchange and trading and withdrawals were eventually halted. The ED alleges that mastermind Amit Madanlal Lakhanpal and associates manipulated prices through affiliated platforms and moved abroad. A PMLA court has rejected anticipatory-bail protection for three accused, allowing the investigation to proceed without a pre-arrest judicial shield. The action forms part of a broader ED crackdown on crypto-linked fraud, while investor advocates continue to point to delays and bail-related obstacles in earlier cases.