en
Back to the list

Rs 1,200 Crore Crypto Fraud: Indian Probe Agency Attaches Assets Of Kerala Man


coingape.com 12 January 2022 15:23, UTC
Reading time: ~4 m

Bitcoin and other cryptocurrencies are based on Blockchain technology and Decentralized Finance and are touted to be almost unhackable. However, dubious players find ingenious methods to dupe the naïve investors.

NDTV reveals that a scam has been perfected by a fraudster based somewhere in West Asia. With a website, the fraudster was able to pull out a fraud worth Rs 1,200 crores.

Fraud operated with just a website 

The Enforcement Directorate has registered a case against 31-year-old Malappuram native Nishad K for pulling out a cryptocurrency fraud running into Rs 1,200 crores in the country. Most of the victims are non-resident Keralites (NRKs) who were promised huge returns on investment in a non-existent cryptocurrency called ‘Morris Coin. Nishad was able to carry out the deception with just a website — morriscoin.com

The ED, which is investigating the case, has attached properties of Nishad obtained from his ill-gotten wealth. The investigation revealed that the fund was invested in real estate in Tamil Nadu, Karnataka, and Kerala projects. Nishad, who created the website, did not give any address or phone number. Still, people believed him and invested money on the assurance that they would get Morris Coin and three percent of the invested amount as returns daily.

Kingpin arrested in 2020 but jumped bail

The police could get their hands on seven people; the main kingpin, Nishad, has gone underground. He was earlier arrested in connection with a Morris Coin fraud case registered at Pookoottupadam police station in Malappuram on September 28, 2020. However, he managed to give the police the slip, according to Kannur ACP P P Sadanandan.

PP Sadanandan was instrumental in uncovering the fraud. The probe revealed that the arrested persons used their bank accounts to collect money from the people. Most of the bank accounts were in the rural branches of Ujjivan Bank in Kerala to collect money from the people. Investigators were astonished to find transactions of Rs 90 crore to Rs 100 crore from each of the arrested who helped Nishad carry out the fraud.

The modus operandi was just like any other Ponzi scheme. Investors first invested small amounts, and the faith was gained by making prompt payments when the investor invested more significant quantities and became a victim of the fraud.

Cryptocurrency consultant Sinjith K Nanminda said that cryptocurrency is still a grey area for many. Bitcoin, which was valued a fraction of what it is today, often aid fraudsters to ensnare the gullible. It’s easy to dupe people in the name of cryptocurrency. Nishad also did the same, and ignorant people fell for it.

  • Trending
  • Price Analysis
  • Rs 1,200 Crore Crypto Fraud: Indian Probe Agency Attaches Assets Of Kerala Man
  • Expert Discovery Deadline Pushed Back A Month In Ripple Vs. SEC Case – Here’s What It Means
  • Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
  • Bitcoin Miners Resolve to Heavy Accumulation, Here’s Why $40K Is Strong Support for BTC
  • Solana (SOL) Network Congestion Issues get worse as Failed Transactions Skyrocket
  • 95% of JP Morgan Clients Doubt Bitcoin’s Price can Break $100,000 by the end of 2022
  • Dogecoin Enters the Real Estate Segment; Washington’s Gig Harbor Developer Will Take Cryptocurrency
  • The Royal Rabbits Club Announces Launch Date with VIP whitelist Already Live
  • Cross-Chain Applications Receive A Negative Response From Vitalik Buterin
  • Leading Media House Associated Press announces Launching NFT Marketplace, Minting to Happen on Polygon
  • Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
  • DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
  • Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
  • SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
  • LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
  • Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
  • Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?
  • Polygon Price Analysis: MATIC Price Retesting Weekly and Monthly Support, Here’s Buy the Dip Price Zones
  • Binance Coin Price Analysis: BNB Price Loses Another Support; $400 Mark Closing Up
  • SHIB Price Analysis: Planning to buy the dip? Check these important SHIB Price Levels

   Source
Back to the list