India confiscates assets of $ 162 million Coin Cryptocurrency Investment Scheme-regulation

The Indian Enforcement Directorates has in connection with a suspected cryptocurrency fraud. Was involved, assets worth around $ 5 million confiscated Coin. This has deceived investors by $ 162 million. The proceeds from crime were used to buy cryptocurrencies.

Indian authorities confiscate assets in the presumed case of crypto fraud

India Enforcement Directorates (ED), a specialized finance authority of the Ministry of Finance, has confiscated assets worth 36.72 billion rupees ($ 5 million) in connection with cryptocurrency fraud.

The ED started with the investigation of the plan after a first information report (FIR) was registered by the Kerala police in accordance with the Indian Criminal Code. Several other Firs were then registered by the police in other districts.

The scheme includes an unspecent cryptocurrency called Morris Coin. Nishad and his companies led a first coin offer (ICO) for the coin and collected money from investors. The ED said that they held "advertising events in the presence of celebrities" and used "striking websites" to attract investors. The police said that over 900 investors were deceived by 1200 million rupees.

The money collected by the investors was used to buy real estate, cryptocurrencies and luxury cars as well as to pay premium hotels and resorts, the ED stated.

The confiscated assets belong to Nishad K. and his employees. This includes money on several bank accounts, land and cryptocurrencies that were bought from income from crimes.

The ED detailed:

cryptocurrencies such as eth , btc , bnb yfi, vocational training, ada and USDT found worth 25.82.794 yen and maintained on Indian and international crypto exchanges. They were bought from the income from crimes.

"During the examination, all the above cryptocurrencies ... converted into Indian rupie and transferred from the owner of the coins to the bank account that was attached," says the ED declaration.

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Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

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