January 12, 2022
The Enforcement Directorate in India has seized the assets of a Kerela-based businessman and his associates worth Rs. 36 Crore (US$4 million) in the Morris Coin Cryptocurrency case, according to a press release on 10th January 2022.
Here are all the facts you need to know:
Nishand K and his associates cheated more than 900 investors across districts to an amount of Rs. 1200 Crore (US$162.4 million). The Enforcement Directorate (ED) initiated an investigation after an FIR was launched by the Kerala police.
According to the investigation, Nishad K owned various companies including M/s Long Rich Global, M/s Long Rich Technologies, and M/s Morris Trading Solutions through which he collected deposited money from investors under the disguise of Initial Coin Offering for the launch of Morris Coin Cryptocurrency.
This money collected from investors was then used to purchase cryptocurrencies, immovable properties, cars, luxury hotels, and resorts.
Cryptocurrencies like Etherum, Binance Coin (BNB), Bitcoin (BTC), Cardano (ADA), and others that were used to make sich purchases were also seized by the ED.
While there is a bill titled ‘The Cryptocurrency and Regulations of Official Digital Currency Bill 2021’ that has been listed on the website of the Lok Sabha (the lower house of the Indian parliament) the crypto law might not be ready before May 2022.
About the author:
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.