Local police have arrested a 36 years old Indian man for fraud involving a cryptocurrency scam project called Morris Coin, which stole hundreds of thousands of dollars from its victims.
The culprit, Nashid, a Malappuram native, was arrested and charged by the district police chief U Abdul Karim under the Prize Chits and Money Circulation Schemes (Banning) Acts, local media reported Wednesday.
Nashid’s arrest relates to fraudulent activities the beckoned on many unsuspecting investors to invest the Morris Coin ICO, a project that describes itself as a new cryptocurrency that was created for the modern business world and individual traders.
During the investigation led by inspector P Vishnu, documents discovered at Nashid’s house revealed that thousands of people have fallen for the Morris Coin fake ICO scheme and have made deposits worth several hundred thousand dollars.
According to the report, the police found out that investors were assured mouth-watering returns for their investments. For instance, those who deposit a minimum of 15,000 rupees ($200) into the Morris Coin project would receive 270 rupees ($3.60) daily for 300 days, after which they can withdraw and convert to cash.
To increase investors’ earnings, Morris Coin promises to reward users with commissions if they refer other people to invest in the project.
The Vishnu-led team further discovered that the cryptocurrency is yet to be listed on any exchange platform, reflecting Coinfomania’s recently published in-depth review of the Morris Coin ICO.
The company is also not a registered company; neither does it have any traceable physical location in India, but Nashid told the police that his companies are duly registered under the law.
The police investigation also reveals that information on the Morris Coin website suggests that the ICO project did not point to any objective adding to the fact that the scheme could not be traced to any web developer or other team member of the company.
See Also: Police arrest Indian men defrauded of $270,000 worth of bitcoin over extortion
