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In connection with a cryptocurrency scam, India's Enforcement Directorate (ED), a specialized financial investigation agency under the Department of Revenue, Ministry of Finance, has confiscated assets worth INR 36.72 crore ($5 million).
The ED began looking into the programme after the Kerala Police filed a first information report (FIR) under the Indian Penal Code. Following that, police in other areas filed a number of other FIRs.
Morris coin, a nonexistent cryptocurrency, is used in the plan. Nishad and his enterprises raised money from investors through an initial coin offering (ICO) for the coin. To recruit investors, the ED explained that they staged ‘promotional events in the presence of celebrities’ and used ‘flashy websites.’ Over 900 investors have allegedly scammed out of INR 1,200 crore, according to the authorities.
The funds raised from investors were used to buy real estate, cryptocurrency, and luxury cars, as well as pay for high-end hotels and resorts, according to the ED.
Nishad K. and his associates are the owners of the seized assets. Money in various bank accounts, land, and cryptocurrency obtained with proceeds of crime are among them.
The ED detailed:
“Cryptocurrencies such as ETH, BTC, BNB, YFI, VET, ADA, and USDT, valued at INR 25,82,794, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime.”