Indian Enforcement Directorate has seized assets worth approximately $5 million in connection with an alleged cryptocurrency scam involving Morris coin that has duped investors out of $162 million. The crime proceeds were used to buy cryptocurrencies. The scheme involves a nonexistent cryptocurrency called Morris coin. Nishad and his companies conducted an initial coin offering (ICO) for the coin and collected money from investors. The ED) explained that they held “promotional events in the presence of celebrities” and used “flashy websites” to attract investors. The seizure results in the recovery of $5M of the $163M loss. The police said that over 900 investors were duped out of 1,200 crore rupees. The money collected from investors was used to purchase immovable properties, cryptocurrencies, and luxury cars, as well as pay for premium hotels and resorts. Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime. Original URL: https://coingeek.com/morris-coin-founder-arrested-in-india-over-alleged-digital-currency-scam/
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