The Enforcement Directorate (ED) said on Monday that it has attached assets worth over Rs36 crore belonging to a Kerala-based businessman named Nishad K and his aides, who cheated 900 persons of Rs1,200 crore by luring them to invest into cryptocurrency promising high returns.
Nishad K and his associates, who have been booked under the Prevention of Money Laundering Act, allegedly lured depositors in the name of launching ‘Morris Coin Cryptocurrency’.
An ED official said that the attached assets include balances in multiple bank accounts of Nishad and his companies, immovable properties, including land of an associate close to Nishad and money equivalent to crypto currencies purchased out of the proceeds of the crime by a close aide of Nishad.
Initially, several FIRs were registered against them by the Kerala police in various districts, including Malappuram, Kannur and others. As per the FIRs, more than 900 investors were cheated to the tune of Rs1,200 crore.
On the basis of these FIRs, the ED initiated a money laundering case against the accused persons.
“The money laundering investigation carried out so far revealed that Nishad through his various companies collected deposit money from the investors in the guise of initial coin offer for the launch of Morris Coin Cryptocurrency. They impressed the investors by conducting promotional events with the presence of celebrities, and by introducing them to flashy websites with the provision of e-wallets. The amounts…
