India Seizes Assets in $162M Morris Coin Cryptocurrency Investment Scheme

Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies.

India Authorities Seize Assets in Alleged Crypto Scam Case

India ’ s Enforcement Directorate ( ED ), a specialize fiscal probe agency under the Department of Revenue, Ministry of Finance, has seized assets valued at 36.72 crore rupees ( $ 5 million ) in connection with a cryptocurrency victimize .
The ED began investigating the scheme after a foremost data report ( FIR ) was registered by the Kerala Police under the indian Penal Code. Multiple other FIRs were subsequently registered by police in other districts.

The scheme involves a nonexistent cryptocurrency called Morris coin. Nishad and his companies conducted an initial coin propose ( ICO ) for the mint and collected money from investors. The ED explained that they held “ promotional events in the presence of celebrities ” and used “ brassy websites ” to attract investors. The patrol said that over 900 investors were duped out of 1,200 crore rupees .
The money collected from investors was used to purchase immovable properties, cryptocurrencies, and luxury cars, vitamin a well as wage for premium hotels and resorts, the ED noted .
The grab assets belong to Nishad K. and his associates. They include money in multiple bank accounts, land, and cryptocurrencies purchased out of the proceeds of crime .
The ED detailed :

Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, valued at ₹25,82,794, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime .

“ During probe, all the above cryptocurrencies … were converted into indian sri lanka rupee and transferred to the bank account by the coins ’ owner, which were attached, ” the ED statement notes .
What do you think about this case? Let us know in the comments section below.

Kevin Helms

A scholar of austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptanalysis.

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Category : Coin