Ground Report | New Delhi: What is ‘Morris Coin’; On Wednesday, Compliance Directorate officials said at least 900 people were defrauded out of more than 1.2 billion rupees after investing in an “initial coin offering” issued by a Kerala man for a non-existent cryptocurrency.
An ED source told The Indian Express: “Ten Morris coins were valued at 15,000 rupees with a lock-in period of 300 days. The coin was fake. Investors were given an electronic wallet and told that the value of the coin would skyrocket when it was traded on the exchange. “
“But the promoters of the coin diverted the money and illegally invested in real estate in Kerala, Tamil Nadu, and Karnataka, particularly in real estate without showing any source of income,” added the source.
The Directorate of Execution conducted searches at 11 locations in Kerala, Tamil Nadu, Karnataka, and Delhi in the past few days. Places like Bengaluru-based Long Rich Technologies and Morris Trading Solutions were also searched.
Unni Mukundan Films Pvt. Ltd, a company founded by Malaysian actor Unni Mukundan, and Nextel Group, were among the locations that were registered by the Emergency Department. Nishad, 31, from Pookkottumpadam village in Malappuram district, has been identified as the mastermind of the fraud by ED. ED officials said the actor had ties to Nishad.
After police in Kannur and Malappuram districts filed several complaints against Nishad and others under Section 420 (Cheating) of the Indian Penal Code (IPC), the Directorate took up the case last year.
What is ‘Morris Coin’
Morris Coin is a next-generation multifunctional form of cryptocurrency that is being developed on the Blockchain, using cutting-edge smart technology. To boost an e-commerce and trading network and create a stable method of exchange, Morris Coins will be released to the public via ICO (Initial Coin Offering).
Morris coin claims to be a new decentralized cryptocurrency project created exclusively for the modern business world and individual traders. The website further claimed that it would be launched via an ICO.
“To boost an e-commerce and trading network and to create a stable method of exchange, Morris Coins will be released to the public via ICO (Initial Coin Offering),” an excerpt from the website reads.