Officers from the Indian Enforcement Administration (ED) have seized cryptocurrencies, fiat money and real estate totaling 36,724,752 rupees ($ 4.97 million) from those involved in the pyramid.
Fighters against financial crimes seized valuables during a search of the accused of organizing the cryptocurrency pyramid Morris Coin: MD Nishad K and his partners in the Indian states of Kerala, Karnataka, Tamil Nadu and New Delhi. Fiat money is in several bank accounts of Nishad K and his legal entities, cryptocurrencies – in different amounts in BTC, ETH, BNB, YFI, VET, ADA, USDT.
ED initiated a money laundering investigation in 2020. According to the department, the laundering went through three companies: Long Reach Global, Long Reach Technologies and Morris Trading Solutions. On behalf of these legal entities, Nishad K and his partners promoted the Morris Coin cryptocurrency. The minimum investment amount was 15,000 Indian rupees.
More than 900 investors have been affected by Morris Coin. The defrauded depositors were promised a daily profit of Rs 270 for 300 days. At the end of the 300-day period, the pyramid organizers guaranteed an additional reward of 10 Morris Tokens. For attracting new referrals, investors were entitled to 10-40% of the remuneration of newcomers. The money received from investors was used by the organizers of the pyramid to purchase real estate, cars and cryptocurrencies.
Late last year, Indian Police Commissioner Shikha Goel tweeted about the methods pyramid creators are using to defraud investors. In May, ED accused WazirX of conducting illegal cryptoasset transactions and money laundering, launching an investigation into the platform’s activities.
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