[ad_1]
India’s Enforcement Agency has seized assets worth about $5 million in an alleged cryptocurrency scam involving Morris Coin that has defrauded investors of $162 million. The proceeds of crime are used to buy cryptocurrencies.
Indian authorities seize assets in alleged crypto scam
The Enforcement Directorate (ED) of India, a specialized financial investigation arm of the Ministry of Finance’s Revenue Department, has seized assets worth 367.2 million rupees ($5 million) in connection with a cryptocurrency scam.
The Education Department began investigating the scheme after Kerala Police registered the First Information Report (FIR) under the Indian Penal Code. Multiple other FIRs were subsequently registered by police in other regions.
The scheme involves a non-existent cryptocurrency called Morris Coin. Nishad and his company conducted an initial coin offering (ICO) for the token and raised funds from investors. The ED explained that they held “celebrity-present promotions” and used “fancy websites” to attract investors. Police said more than 900 investors were defrauded of Rs 12 billion.
The ED noted that funds raised from investors were used to purchase real estate, cryptocurrencies and luxury cars, as well as to pay for upscale hotels and resorts.
The confiscated assets belonged to Nishad K. and his associates. They include funds in multiple bank accounts, land and cryptocurrencies purchased from the proceeds of crime.
ED details:
cryptocurrencies such as Ethereum, bitcoin, BNB, YFI, Vet, have, and USDT, worth Rs 25,82,794 and kept in Indian and international cryptocurrency exchanges, was found. They were purchased with the proceeds of crime.
“During the course of the investigation, all of the above-mentioned cryptocurrencies… were converted into Indian rupees and transferred to bank accounts by the coin owners, attached,” the ED statement stated.
What do you think of this case? Let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for reference only. It is not a direct offer or an invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned herein.
[ad_2]
Source link
