Crypto fraud using Morris Coin puts Indian man under arrest
Crypto Business World
CBW -External Analyst
Oct, 13 2020
Crypto risks have spiked throughout the globe due to frequent frauds and cyber assault. In one such case in India, the regional police of Malappuram district have captured a 36-year-old man from the southern state of Kerala in India. The man has been booked under the charges of running an STO cryptocurrency scam. Nishad, the one who is under the charges and arrested by the authorities is impeached under the Prize Chits and Money Circulation Schemes (Banning) Act. The search and arrest operations were carried out under the district police officer U Abdul Karim.
A special team commanded by police inspector P Vishnu captured many files and papers from the house of Nishad and reportedly told that Nishad has fooled a huge number of individuals from all over India and duped thousands of dollars. The managing director of the start-up Long Rich Technologies based in Bengaluru, Nishad, apparently enticed people into investing in Morris Coin, a cryptocurrency security token investment.
As indicated by the police, the individual investors were assured a gain of INR 270 which is approximately equivalent to $3.60 on a day-to-day basis for a period of 300 days in case they accumulated Morris Coin worth over a minimum amount of INR 15,000. The fraud design alluded that the investors will be able to trade Morris Coins post the 300-day lock-in period. Individuals were apparently assured of further benefits for inviting more people to lock-in funds into the ploy.
The regional police stated that Morris Coin was not enlisted on any trading platforms, rendering it unviable to trade the coin. The police also informed the absence of registered offices of the firm. Further the Morris Coin ICO web portal no insight into its developers or the project vision. However, Long Rich Technologies MD suggested that Morris Coin complied with the Indian laws.
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