Morris Coin cryptocurrency scam project culprit was arrested by the local police. Nishad, a 36-year-old man, stole hundreds of thousands of dollars from victims.
Nishad is the managing director of Bengaluru-based startup firm Long Rich Technologies. He came from the Malappuram district of the South Indian state of Kerala. Moreover, he allegedly lured investors into investing in Morris Coin. This a new cryptocurrency created for individual traders as well as the modern business world.
In line with this, district police chief U Abdul Karim charged Nishad under the Prize Chits and Money Circulation Schemes (Banning) Act.
Nishad promised investors with huge returns on investments. To increase investors’ earnings, Morris Coin has also promised to reward users with commissions in case of referring other people to invest in the project.
Moreover, those who deposited a minimum of 15,000 rupees ($200) into the Morris Coin project were supposed to receive 270 rupees ($3.60) daily for 300 days. Afterward, they can withdraw and convert the crypto to cash.
Police inspector P Vishnu and his team further discovered that the cryptocurrency is yet to be listed on any exchange platform, reflecting Morris Coin’s initial coin offering (ICO) as a fraud.
Nashid explained to the police that he runs legally-registered companies. But, the company is not a registered firm, neither does it have any traceable physical location in India.
The police investigation also unveiled that information on the Morris Coin website. They found out that the ICO project did not target any specific objectives. In addition, they cannot track any web developer or other team members back to the scheme.
There are many scams revolving around the crypto space, particularly in India. This might be one of the reasons why a new law to restrict crypto trading might be implemented in the country.
Recently, India-based Pluto Exchange was also investigated by the police for swindling over $270,000 from 43 crypto investors.