New Delhi, Sep 8 The Enforcement Directorate has provisionally attached movable and immovable assets valued over Rs three crores in the Morris Coin cryptocurrency cheating case under the Prevention of Money Laundering Act, an official said on Friday.
ED said that the attached assets of Rs 3,43,68,376 includes balance in bank accounts of M/s Flywithme Mobile LLP (a partnership firm of Nishad K and Hasif K) and immovable property of Ansari P, an associate of Nishad K.
ED had initiated investigations on the basis of FIRs registered in various police stations against Nishad K and others for cheating people on the pretext of giving high returns of two to three per cent per day to the investors.
During the probe, it was revealed that Nishad K collected deposits from the investors through his various firms such as Long Rich Global, Long Rich Technologies and Morris Trading Solutions, in the guise of initial coin offer for the launch of Morris Coin Cryptocurrency.
“The money was redistributed to the investors in the guise of profits under a ponzi scheme initially and later the payments to investors were stopped. The profits generated by the accused out of the illegal activity were identified as Rs 54 crore,” said a senior ED official.
Earlier, ED had conducted multiple searches across the country on the premises of Nishad K and his associates. The ED had seized Rs 21 lakhs along with various incriminating documents.
“Abdul Gafoor, Managing Director of Stoxglobal Brokers Pvt. Ltd and an associate of Nishad K was arrested on March 24. Movable and immovable properties pertaining to the firms and associates of Nishad K to the tune of Rs.50.72 Crore approx were provisionally attached and subsequently confirmed by the Adjudicating Authority,” said the official.
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