The Indian Enforcement Directorate has confiscated assets worth about $5 million in relation to a $162 million cryptocurrency scam employing Morris coin. The proceeds of the crime were utilized to purchase cryptocurrency.
In connection with a cryptocurrency scam, India’s Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, has confiscated assets worth 36.72 crore rupees ($5 million).
The ED began looking into the matter after the Kerala Police filed a first information report (FIR) under the Indian Penal Code. Following that, police in other areas filed a number of other FIRs.
Morris coin, a nonexistent cryptocurrency, was used for the scam. Nishad and his enterprise looted money from investors through an initial coin offering (ICO) for the coin. To recruit investors, the ED explained that they staged “promotional events in the presence of celebrities” and used “flashy websites.” Over 900 investors were allegedly scammed out of Rs. 1,200 crore, according to the authorities.
The funds raised from fooling the investors were used to buy real estate, cryptocurrency, and luxury cars, as well as pay for high-end hotels and resorts, according to the ED.
The confiscated assets belong to Nishad K. and his associates. Money in various bank accounts, land, and cryptocurrency obtained with proceeds of crime are among them.
The ED went on to say:
“Cryptocurrencies like ETH, BTC, BNB, YFI, VET, ADA, and USDT, worth a total of $25,82,794, were discovered on Indian and foreign crypto exchanges. They were purchased using criminal money.”
“All the foregoing cryptocurrencies… were converted into Indian rupees and deposited to the bank account of the coins’ owner, which was attached,” according to the ED statement.
That’s it for now. Beware of such scams.
