Crypto fraud using Morris Coin puts Indian man under arrest


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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Crypto Business World
CBW - External Analyst
INDIA