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Enforcement Directorate launches probe into crypto scam
Enforcement Directorate launches probe into crypto scam
Conducts raids in Kerala, Delhi, Karnataka, Tamil Nadu
New Delhi: The Enforcement Directorate (ED) has launched an investigation into an alleged scam in which investors were duped of hundreds of crores by a Kerala native who mobilized investments in return for 'high-valued cryptocurrency.'
According to sources, the ED registered a case in its Calicut office considering a crime branch FIR as a predicate offence. Crime Branch had found that around Rs 1,200 crore was mobilized by the accused in the case. The prime accused is a native of Kerala's Malappuram.
There were three business entities involved in the scam. "They had amassed Rs 1,200 crore from the public on the promise that they will be offering 'Morris coin' in return. They had not even launched the cryptocurrency in the name then. The man behind the scam soon disappeared.
The money amassed was layered through different entities. Eleven entities were tracked down while investigating the money trail and raids were held in New Delhi, Kerala, Karnataka, and Tamil Nadu in this connection," sources said. In Kerala, the raids were carried out in Malappuram, Palakkad and Kochi. In Palakkad, the ED conducted the raid at a cinema company. During the raids it was also found that the Morris Coin fraud was being run by a Bengaluru-based racket. The fraud had taken place at the Bengaluru-based establishments like Longreach Global and Morris Trading Solutions.
According to the developers, Morris Coin is a cryptocurrency developed using Blockchain technology. However, authorities have clarified that Morris coin is not listed in any of the exchanges making it impossible to trade. It has been discovered that many Keralites were cheated to the tune of several crores of rupees with the promise of providing attractive returns through investment in Morris coin.
Though the victims of the fraud had submitted complaints in various police stations, there has not been no effective investigation yet. The ED entered the scene after many disillusioned complainants notified the agency of the Ponzi scheme. After the arrest of a Kannur native, many transactions under the wraps were unearthed.
Sources said the money amassed illegally has been converted into immovable assets. The Palakkad raid was conducted in connection with an investment made in a movie production that was allegedly connected to the crime, sources said.
