Indian law enforcement agency seizes $5 million in crypto scam 'Morris Coin', involving $162 million in assets

time:2022-01-13 00:30 source:Internet

India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Ministry of Finance’s Revenue Division, has seized 367.2 million rupees ($5 million) worth of assets related to cryptocurrency scams, according to news on January 13. The ED began investigating the scheme after Kerala Police registered the First Information Report (FIR) under the Indian Penal Code. Police in other areas subsequently registered multiple criminal records. The scheme involves a cryptocurrency that does not exist - Morris Coin. Nishad K. and his company conducted an ICO for the cryptocurrency and raised funds from investors. The ED explained that they host "celebrity-focused campaigns" and use a "well-designed website" to attract investors. More than 900 investors were defrauded of 12 billion rupees worth about $162 million, police said. The ED noted that the principals used the money raised from investors to buy real estate, cryptocurrencies and luxury cars, as well as to pay for premium hotels and resorts. The seized assets belonged to Nishad K. and his associates, including money in multiple bank accounts, land and cryptocurrencies purchased with the proceeds of crime.

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