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

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The Indian Enforcement Agency seized assets worth about $ 5 million in connection with the alleged fraud of cryptocurrencies that included Morris currency, which led to $ 162 million deceiving investors. The proceeds of the crime were used to buy cryptocurrencies.

Indian authorities seize assets in case of alleged crypto fraud

India’s Enforcement Directorate (ED), a financial investigative agency specializing under the Ministry of Revenue, Ministry of Finance, seized assets worth 36.72 rupees ($ 5 million) in connection with cryptocurrency fraud.

The ED began investigating the plan after an initial information report (FIR) was filed by the Kerala police under the Indian Penal Code. A number of other FIRs were then registered by the police in other districts.

The program includes a non-existent cryptocurrency called the Morris Currency. Nishad and his companies conducted an initial public offering (ICO) for the currency and collected money from investors. The ED explained that they held “promotional events in the presence of celebrities” and used “flashy sites” to attract investors. Police said more than 900 investors had been misled out of 1,200 rupees.

The money raised from investors was used to purchase real estate, cryptocurrencies and luxury cars, as well as pay for premium hotels and resorts, the ED noted.

The seized assets belong to Nished K. and his associates. They include money in a number of bank accounts, lands and cryptocurrencies purchased from crime proceeds.

The ED detailed:

Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, there is, And USDTFound, valued at ₹ 25,82,794, and maintained on Indian and international crypto exchanges. They were purchased from the crime money.

“During the investigation, all of the above cryptocurrencies … were converted into Indian Rupees and transferred to the bank account by the attached coin holder,” the ED statement said.

What do you think about this case? Tell us in the comments section below.

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Kevin Helms

Kevin, an Austrian economics student, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the junction between economics and cryptography.

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