Indian Authorities Seize Crypto Funds Belonging to a Ponzi scheme
China, Pakistan, and India are neighboring countries and surprisingly crypto is completely banned in China. Meanwhile, Pakistan and India are on the verge of banning cryptocurrencies in their jurisdictions as well.
Both, Pakistan and China, were amongst the leading crypto adopting countries of the world. The Crypto industry was on the run in both states until their Governments developed viewpoints to the contrary.
India, for example, is considering crypto regulation in its Senate Sessions and the suggestion is to impose a ban on crypto. Similarly, the central bank of Pakistan is also urging the Pakistani Government to impose a ban and the decision is pending.
However, in India recently, the Governmental authorities have seized crypto assets worth more than US$ 5 Million. It has been alleged by the authorities that the seized funds are part of a crypto investment fraud notorious by the name “Morris coin”. The funds have been seized by the authority called the Enforcement Directorate of India (ED) which was investigating the crypto fraud case.
It was informed by ED that a few months ago several FIRs were lodged with several police stations in the State of Kerala. Upon the lodging of these FIRs, Kerala State Police Department sought assistance from ED. The investigation was then taken up by ED and recently an operation was carried out by ED along with Kerala Police.
ED told the press that a person named “Nishad” was operating the crypto fraud scheme called “Morris coin”. However, there was no such crypto coin by the name “Morris” and in fact, Nishad was defrauding the people and investors. Nishad told the investors that he has been offering Initial Coin Offering and for that, he had held several functions as well. In these functions, he also invited known celebrities to show as if his investment scheme was legit and he was not a fraudster.
On the basis of Nishad’s false promises, investors gave him money which he was utilizing towards building his personal wealth. He purchased several immovable properties in Kerala and outside and was living a luxurious lifestyle. The seized crypto funds belong to Nishad which he was keeping in BTCs, Ethers, BNB, ADA, USDT, etc.
All of Nishad’s seized crypto funds have been converted into Indian Rupees and given back to him till further investigation. In the meantime, the funds have been officially attached meaning thereby that he cannot dispose of them without permission.
