- ED has attached $140 million worth of assets to the Morris crypto scam case.
- Now the total assets attached to Morris’ cheating case are $507.2 million.
The Morris coin cryptocurrency cheating case has an update from the Directorate of Enforcement (ED), around $140 million in assets were added to the case. The case is being investigated under the Prevention of Money Laundering Act (PMLA), 2002.
ED has provisionally attached assets valued at Rs. 14 Crore in the Morris Coin Crypto Currency cheating case under PMLA, 2002. Total attachment in this case now stands at Rs. 50.72 Crore.
— ED (@dir_ed) July 11, 2022
The newly attached assets include funds from the bank accounts of M/s Flywithme Mobile LLP, immovable properties such as a hospital in Kochi, and agricultural land with a measure of 52 acres in Tamil Nadu.
Earlier at the start of this year, ED locked assets worth $367 million. Now the total assets attached to this case are worth $507.2 million, which are either directly or indirectly related to the prime accused persons, Nishad and Hasif K.
Chronicle of the Case
In 2020, Nishad declared Initial Coin Offering (ICO) for the cryptocurrency Morris Coin. Post that almost nearly thousands of people invested in the ICO. An average of $180 was collected for 10 coins, and investors were instructed to keep that in their provider’s wallet for 300 days.
After which the coins were promised to be shifted into an exchange platform, Franc Exchange, and at least 2-3 % returns were promised for each day. Very soon the investors realized the whole scheme was Ponzi and no returns were going to be available in daylight.
The recent activities in the case are the arrest of Abdul Gafoor, Managing Director of M/s Stoxglobal Brokers Pvt. Ltd in March 2022. Additionally, a prosecution complaint was filed in the PMLA special court against six people in May 2022. A steady outcome has yet to be attained as the investigation is still proceeding.
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