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.
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.
Image Credits : Shutterstock, Pixabay, Wiki Commons
Disclaimer : This article is for informational purposes alone. It is not a lineal offer or solicitation of an offer to buy or sell, or a recommendation or sanction of any products, services, or companies. Bitcoin.com does not provide investing, tax, legal, or report advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the consumption of or reliance on any content, goods or services mentioned in this article.
Đây là website tự động và trong giai đoạn thử nghiệm tool tự động lấy bài viết, mọi thông tin đăng tải trên website này chúng tôi không chịu trách nhiệm dưới mọi hình thức, đây không phải là một website phát triển thông tin, nó được xây dựng lên với mục đích thử nghiệm các phương pháp tự động của chúng tôi mà thôi. Nếu có khiếu nại vui lòng gửi thông tin cho chúng tôi.