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crypto: Ed Arrests Firm Director Over Crypto Coin Scam | Kochi News

Kochi: Kozhikode sub-zonal Office of enforcement directorate (ED) recorded the arrest of a man in connection with the fake crypto-Morris coin case. The arrested person was identified as Abdul Gafoor, director of Stox Global Brokers Pvt Limited.
ED sources said that he was arrested on Thursday. He was booked in connection with the investigation into alleged money laundering by the key accused Nishad K and others in the fake crypto Morris Coin case in which over 900 investors were allegedly cheated to the tune of Rs 1,200 crore.
Sources said that Gafoor actively facilitated the placement and layering of the proceeds of crime. “Around Rs 39 crores were transferred through Stox Global Brokers Pvt Limited. The accused was remanded in judicial custody by the special court for considering PMLA cases. ED has filed a custody application before the court and it will be heard on Monday,” said an official source.
Earlier, ED had attached assets valued at Rs 36.72 crore in connection with the probe into the alleged scam in which investors were duped through an invitation for investing in an ‘initial coin offering’ of a non-existent crypto currency, Morris Coin.
ED had then said in a press statement that it had attached assets valued at Rs 36,72,47,752 from Nishad and his associates in the case registered under the Prevention of Money Laundering Act. The attached assets included balances in multiple bank accounts of Nishad and his companies, immovable property including the land of an associate close to Nishad and money (in rupees) equivalent to cryptocurrencies purchased out of the proceeds of crime by the close associate.
ED initiated a money laundering investigation based on the FIR registered by Kerala Police under the IPC. Kerala Police had registered multiple FIRs in various districts such as Malappuram, Kannur, and others in connection. As per the FIR, more than 900 investors were cheated to the tune of Rs 1200 crore.
The money obtained was used for the purchase of immovable properties, various other crypto currencies, luxury cars and money was spent at luxury hotels and resorts.




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Kerala: Enforcement Directorate attaches assets in crypto scam case | Kochi News

KOCHI: Enforcement Directorate (ED) has attached assets valued at Rs 36.72 crore in connection with the probe into an alleged scam in which investors were duped of hundreds of crores through an invitation for investing in an ‘initial coin offering’ of a non-existent cryptocurrency, Morris Coin.
ED, in a press statement, said that they have attached assets valued at Rs 36,72,47,752 of Nishad K and his associates in the case registered under the Prevention of Money Laundering Act. The assets include balances in multiple bank accounts of Nishad and his companies, immovable property including land of an associate close to Nishad and money in Rupees equivalent of cryptocurrencies purchased out of the proceeds of crime by the close associate.
ED initiated a money laundering probe based on the FIR registered by Kerala Police under the IPC. As per the FIR, more than 900 investors were cheated to the tune of Rs 1,200 crore.
The money obtained was used for purchasing immovable properties, various other cryptocurrencies, luxury cars and spending in luxury hotels and resorts. “In this regard, the cryptocurrencies such as Ethereum, BTC, BNB, YFI, VET, ADA and USDT, totally valued at INR 25,82,794, were found. These were purchased out of proceeds of crime. During the probe, all the above cryptocurrencies purchased were converted into INR and transferred to the bank account by the owner of these coins, which was attached by the ED,” the statement said.
According to ED, the money laundering probe revealed that Nishad, via his various companies such as M/s Long Rich Global, M/s Long Rich Technologies and M/s Morris Trading Solutions, collected deposit money from the investors in the guise of Initial Coin Offer for launching Morris Coin cryptocurrency.




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