Indian Authorities Seize Assets in $162M Morris Coin Crypto Scam

Indian Authorities Crack Down on Multiple Crypto Exchanges For Tax Evasion
  • Scammers are on the rise as more Indians begin to trade in various coins.
  • The scammers are accused of defrauding at least 900 people.

According to a statement released Monday this week, the Indian Enforcement Directorate reportedly confiscated $4.9 million worth of assets from a businessman suspected of money laundering via a crypto-scam.

India’s Enforcement Directorate [ED] confiscated illicit assets worth $4.9 million from Nishad K, a Kerala businessman, who was suspected of collecting over $162 million from hundreds of investors in an alleged Morris cryptocurrency scam. The 31-year-old and his friends, who are accused of defrauding at least 900 people, have their assets frozen under the Prevention of Money Laundering Act [PMLA].

Flashy Promotional Events/Websites

According to the financial investigation agency, the money Nishad K collected from unsuspecting investors who fell for flashy promotional events and glossy websites and web-based applications that provided e-wallets to each investor was obtained through his various firms such as Long Rich Global, Long Rich Technologies and Morris Trading Solutions.

According to officials, the money stolen from the general public was obtained in an unlawful manner and without the authorization of any government institutions or departments. Investor money was allegedly misappropriated and used to acquire real estate, a variety of other cryptocurrencies, as well as luxury goods, including automobiles and hotels, according to the investigators’ findings. 

On the other hand, Scammers are having a bright day as more Indians begin to trade in various cryptos. According to several experts, many users don’t know which coins are legal and which aren’t because of the absence of regulation in India.

A diploma graduate who is passionate about digital currency and loves writing. He loves the concept of crypto and keeps himself up to date with the latest development and news of the crypto world.