In ‘ICO’ For Fake Crypto Coin, Investors Lose Over Rs 1,200 Crore

In ‘ICO’ For Fake Crypto Coin, Investors Lose Over Rs 1,200 Crore

2022-01-06 | Selina Mathew

In ‘ICO’ For Fake Crypto Coin, Investors Lose Over Rs 1,200 Crore

According to Enforcement Directorate authorities, at least 900 individuals have duped out of nearly Rs 1,200 crore after investing in an " ICO " issued by a Kerala person for a non-existent coin.

According to ED sources, investing in bogus cryptocurrencies occurred in 2020, primarily during the lockout. According to authorities, the impacted individuals purchased the "Morris Coin," which was listed with a Coimbatore-based cryptocurrency exchange named Franc Exchange, in an analogous way to an initial public offering transaction.

The agency conducted investigations in Kerala, Tamil Nadu, Karnataka, as well as Delhi over the previous several days at 11 locations of companies associated to the scam, including Bengaluru-based Long Rich Technologies and Morris Trading Solutions, amongst many others.

Unni Mukundan Films Pvt. Ltd, founded by Malayalam artist Unni Mukundan, and Nextel Group, that has interests in Kerala's hotel business, were also investigated.

According to the actor, the inquiries were related to a movie production firm he founded. "The ED representative was curious about the venture's means of funding." "I've provided them all the information," he stated.

The ED has recognized Nishad, 31, of Pookkottumpadam village in Malappuram district, as the fraud's mastermind. Officials from the ED stated the performer had ties to Nishad but refused to elaborate.

Long Rich Technologies, Long Rich Trading, and Long Rich Global, all of which are located in Bengaluru, first enticed investors by claiming to have a virtual learning platform. Morris coin was envisioned as a crypto token that would be published on a crypto exchange.

In the meanwhile, the accused culprits operated a Ponzi scheme. When the firm ceased transmitting the guaranteed rewards, several of the investors sought the authorities.
Nishad had fled the nation after being granted anticipatory release in the police charges by the Kerala High Court.

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