August 18, 2022

ED launches probe into Rs 1,200-crore crypto scam; conducts raids in Kerala, Delhi, Karnataka, Tamil Nadu | Kochi News – Times of India

KOCHI: The Enforcement Directorate (ED) has launched an investigation into an alleged scam in which investors were duped of hundreds of crores by a Kerala native who mobilized investments in return for ‘high-valued cryptocurrency.’
According to sources, the ED registered a case in its Calicut office considering a crime branch FIR as a predicate offence.
The CB had found that around Rs 1,200 crore was mobilized by the accused in the case.
The prime accused is a man named Nishad, a native of Malappuram in Kerala.
There were three business entities involved in the scam.
An ED source said, “They had amassed Rs 1,200 crore from the public on the promise that they will be offering ‘Morris coin’ in return. They had not even launched the cryptocurrency in the name then. The man behind the scam soon disappeared.”
“The money amassed was layered through different entities. Eleven entities were tracked down while investigating the money trail and raids were held in New Delhi, Kerala, Karnataka, and Tamil Nadu in this connection,” the source added.
Sources said that the money amassed illegally has been converted into immovable assets.
A raid was held in Palakkad as well in connection with an investment made in a movie production that was allegedly connected to the crime, sources said.
ED sources said that the probe was in its initial stages.

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