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

India Seizes Assets in $162M Morris Coin Cryptocurrency Investment Scheme
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Indian Enforcement Directorate has seizIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme assets worth approximately $5 million in connection with an allegIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme cryptocurrency scam involving Morris coin that has dupIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme investors out of $162 million. The crime proceIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Schemes were usIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme to buy cryptocurrencies.

India Authorities Seize Assets in AllegIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme Crypto Scam Case

India’s Enforcement Directorate (ED), a specializIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme financial investigation agency under the Department of Revenue, Ministry of Finance, has seizIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme assets valuIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme at 36.72 crore rupees ($5 million) in connection with a cryptocurrency scam.

The ED began investigating the scheme after a first information report (FIR) was registerIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme by the Kerala Police under the Indian Penal Code. Multiple other FIRs were subsequently registerIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme by police in other districts.

The scheme involves a nonexistent cryptocurrency callIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme Morris coin. Nishad and his companies conductIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme an initial coin offering (ICO) for the coin and collectIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme money from investors. The ED explainIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme that they held “promotional events in the presence of celebrities” and usIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme “flashy websites” to attract investors. The police said that over 900 investors were dupIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme out of 1,200 crore rupees.

The money collectIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme from investors was usIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme to purchase immovable properties, cryptocurrencies, and luxury cars, as well as pay for premium hotels and resorts, the ED notIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme.

The seizIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme assets belong to Nishad K. and his associates. They include money in multiple bank accounts, land, and cryptocurrencies purchasIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme out of the proceIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Schemes of crime.

The ED detailIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme:

Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, valuIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme at ₹25,82,794, and maintainIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme at Indian and international crypto exchanges, were found. They were purchasIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme out of the proceIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Schemes of crime.

“During investigation, all the above cryptocurrencies … were convertIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme into Indian rupee and transferrIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme to the bank account by the coins’ owner, which were attachIndia-Seizes-Assets-in-162M-Morris-Coin-Cryptocurrency-Investment-Scheme,” the ED statement notes.

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