India seized $5 million worth of assets over fake coin crypto scam

The fraudulent scheme involved a non-existent coin called Morris coin

13.01.2022 - 13:35

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What’s new? The Enforcement Directorate of India (ED) has seized assets worth $5 million in connection with a cryptocurrency scam. The ED launched an investigation into the fraudulent scheme after the Kerala police registered the first information report under the Indian Penal Code.

Information of The Times Of India website

How did the events develop? The cryptocurrency scam involved a non-existent coin called Morris coin. The suspected Nishad K and his associates conducted an initial coin offering (ICO) and raised money from investors. The authorities explained that the scammers ran the celebrity promotional events and used high-quality websites to attract investors.

Police said more than 900 people had been defrauded of $162 million. The funds collected from the investors were used to buy the real estate, cryptocurrencies, and luxury cars, as well as to pay for the premium hotels and resorts, the ED reports.

What else does the Enforcement Directorate say? During the investigation, cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT were found stored on the Indian and international crypto exchanges.

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

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