1 / 7Enforcement Directorate officers said that at the very least 900 people were defrauded of over Rs 1200 crore, as per TNN.2 / 7They invested in an 'initial coin offering' issued by a man from Kerala for a non-existent cryptocurrency. 3 / 7ED sources said investments in bogus cryptocurrencies were made in 2020, mainly while the lockdown was enforced.4 / 7Officials said that the victims purchased 'Morris Coin,' which is listed on the Franc Platform cryptocurrency exchange in Coimbatore. 5 / 7“Ten Morris coins were valued at Rs 15,000 with a lock-in period of 300 days. The currency was fake. 6 / 7The investors were given an e-wallet and told that the coin value would boom when traded in the exchange,” said a source while speaking to The Indian Express. 7 / 7“But the promoters of the coin siphoned out the money and illegally invested in immovable properties in Kerala, Tamil Nadu and Karnataka, particularly in real estate without showing any source of income,” it added. The ED searched 11 locations in Kerala, Tamil Nadu, Karnataka, and Delhi for the last few days. Unni Mukundan Films Pvt. Ltd, a company that had been founded by Malayalam actor Unni Mukundan was among the locations, as per The Indian Express. 31-year-old Nishad who hails from Pookkottumpadam village in Malappuram district is the fraud's mastermind according to the ED.