Home Crypto News Bitcoin News

India Seizes $5 Million Worth Assets in $162M Morris Coin Crypto Ponzi Scheme

Published by
Parasshuram Shalgar
Updated 14 Jan, 2022 | 01:04:59 PM UTC
India Seizes $5 Million Worth Assets in $162M Morris Coin Crypto Ponzi Scheme

The Indian Enforcement Directorate took strict actions against the crimes involving cryptocurrencies; it is a department under the Indian Ministry of Finance. The police in one of the states filed an FIR that instigated a series of investigations. The department has taken hold of assets worth $5 million in the crypto scam.

The act has deprived investors of $162 million. Bitcoin.com reports that the scam included a non-real cryptocurrency Morris Coin. The company involved fooled investors into investing funds for Morris Coin. The local police officials say that the company used advanced websites to carry out the malpractice.

Advertisement

The Scam Involved Multiple Currencies

The scam had more than 900 investors on its fringes; the company introduced an Initial Coin Offering (ICO) for the investors’ funds. The company used the funds to buy opulent properties, accessories, and other crypto assets. ED reports that the scam’s mastermind is Nishad K and his associates.
Bitcoin.com quoted ED’s statement concerning the seize. It read, “Cryptocurrencies such as ETH, BTC, BNB, YFI, ADA, and USDT, valued at INR 25,82,794, and maintained at Indian and international crypto exchanges, were found. They were purchased out of the proceeds of crime. During the investigation, all the above cryptocurrencies were converted into Indian rupee and transferred to the bank account by the coins’ owner, which was attached.”
Advertisement

The Crypto Market Is Subject to Huge Security Risks

The crypto market has witnessed an enormous gain in worth past few years. Investors are interested in putting lots of money into the market to derive huge profits. The desire for huge returns within a short period feeds off the scammers, and they feast upon the amateur investors and traders in the market.
The crypto market is risk-laden, and one needs to take adequate safety measures and conduct accurate investigations before purchasing virtual assets. Several fraudulent companies attempt to trick individuals into investing in alien coins and introduce lucrative transaction schemes.
The ED’s investigation also led to many users looking to put their money in the market without proper background checks and obtaining detailed security information. Investors new to the crypto market should check with experts before investments. Strict measures are vital to avoid falling prey to cyberattacks.
Advertisement
Share
Parasshuram Shalgar

Parasshuram has been online in various capacities as a pro-blogger, top researcher, and now a senior editor at CoinGape.com. He has over 14 years of experience in the field of online publishing. Mr Shalgar can be reached at parasshuram@coingape.com.

Published by
Parasshuram Shalgar
Updated 14 Jan, 2022 | 01:04:59 PM
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • Crypto News

BlackRock’s BUIDL Launches on BNB Chain as Binance Approves It for Collateral

BlackRock’s BUIDL Fund has launched on BNB Chain in a move that expands access to…

November 14, 2025
  • Crypto News

Fed’s Jeff Schmid Flags Inflation Risk as Hopes of December Rate Cut Fade

Kansas City Fed President Jeff Schmid, who dissented in favor of keeping rates unchanged at…

November 14, 2025
  • Crypto News

Whales and Institutions Bet Big On Bitcoin And Ethereum Despite Market Dip

Recently, the cryptocurrency market experienced a severe liquidation wave, forcing top assets, including Bitcoin and…

November 14, 2025
  • Crypto News

Breaking: Michael Saylor Debunks Rumor of Strategy Selling Bitcoin Amid Crypto Market Crash

Michael Saylor has moved quickly to shut down fresh speculation that Strategy had sold part…

November 14, 2025
  • Crypto News

Peter Brandt Warns Bitcoin Could Dip Below Strategy’s Average Purchase Price as MSTR’s mNAV Falls

Peter Brandt has raised the possibility that the Bitcoin price could drop below Strategy's average…

November 14, 2025
  • Crypto News

Balancer Hack Update: Exploiter Begins Selling Stolen Tokens After Protocol Recovered $4.1M

The attacker behind the Balancer hack has begun to move and sell the stolen assets.…

November 14, 2025