Enforcement department of India seized $5 million worth of funds involved in fake ICO
Investigation agencies in India seized the funds involved in the Morris Coin fake Initial coin offerings.
The price of Bitcoin and Ethereum-like assets are touching the sky. And in this situation, people are thinking that they lost the chance to make money because they are late. This type of thinking is pushing people toward shitcoins or new coin projects.
A similar case is coming from India, where a person organised Morris Coin ICO to get investment from the people to launch his coin. But allegedly he didn’t launch his coin on any exchange, instead, he and his associated members used the funds in their expenses like premium hotel and resort bills and also in buying flagship assets like bitcoin.
India’s Enforcement Directorate (ED) reported that they seized $5 million worth of funds (including crypto assets and bank Money).
According to ED, the whole investigation started after a case registered with the Indian police of Kerala (a state of India). After the registration of the first case in Kerala, many other cases were also filed in multiple districts against this Ponzi scheme.
ED also noted, on behalf of the case registration, that Nishad used many events with famous personalities to promote the coin and also he used shady websites to promote his non-existing coin.
The investigation also revealed that scammers used the funds in buying crypto assets, properties, and luxury cars.
“Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, valued at ₹25,82,794, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime.,” ED stated
Scammers converted the majority of the funds into Indian national rupees and transferred them into the bank.
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