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India Seizes Assets in $162M Morris Coin Cryptocurrency Investment Scheme – Regulation Bitcoin News

Indian Enforcement Directorate has seized belongings value roughly $5 million in reference to an alleged cryptocurrency rip-off involving Morris coin that has duped traders out of $162 million. The crime proceeds have been used to purchase cryptocurrencies.

India Authorities Seize Assets in Alleged Crypto Scam Case

India’s Enforcement Directorate (ED), a specialised monetary investigation company beneath the Department of Revenue, Ministry of Finance, has seized belongings valued at 36.72 crore rupees ($5 million) in reference to a cryptocurrency rip-off.

The ED started investigating the scheme after a primary data report (FIR) was registered by the Kerala Police beneath the Indian Penal Code. Multiple different FIRs have been subsequently registered by police in different districts.

The scheme includes a nonexistent cryptocurrency known as Morris coin. Nishad and his firms carried out an preliminary coin providing (ICO) for the coin and picked up cash from traders. The ED defined that they held “promotional events in the presence of celebrities” and used “flashy websites” to draw traders. The police mentioned that over 900 traders have been duped out of 1,200 crore rupees.

The cash collected from traders was used to buy immovable properties, cryptocurrencies, and luxurious automobiles, in addition to pay for premium accommodations and resorts, the ED famous.

The seized belongings belong to Nishad Okay. and his associates. They embody cash in a number of financial institution accounts, land, and cryptocurrencies bought out of the proceeds of crime.

The ED detailed:

Cryptocurrencies similar to ETH, BTC, BNB, YFI, VET, ADA, and USDT, valued at ₹25,82,794, and maintained at Indian and worldwide crypto exchanges, have been discovered. They have been bought out of the proceeds of crime.

“During investigation, all the above cryptocurrencies … were converted into Indian rupee and transferred to the bank account by the coins’ owner, which were attached,” the ED assertion notes.

What do you concentrate on this case? Let us know in the feedback part beneath.

Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source methods, community results and the intersection between economics and cryptography.

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