In the Morris Coin cryptocurrency fraud case, the Indian AML watchdog Directorate of Enforcement (ED) has attached assets worth Rs. 14 crores in accordance with the Prevention of Money Laundering Act (PMLA), 2002. The bank account balance of M/s Flywithme Mobile LLP, a business owned by Nishad and Hasif K, as well as immovable properties bought with the profits of crime by Nishad K’s colleagues are among the attached assets. A bank amount maintained in M/s Fly With Me App’s bank account, a hospital in Kochi, and 52 Acres of Agricultural Land in Tamil Nadu are among the properties that are attached.
Based on many FIRs filed against Nishad K and other individuals in various police stations for defrauding people under the guise of providing high returns of 2-3% per day to the investors, ED opened a money laundering probe. It was discovered during an investigation under the PMLA of 2002 that Nishad K, through his various businesses including M/s Long Rich Global, M/s Long Rich Technologies, and M/s Morris Trading Solutions, collected deposits from investors under the guise of an initial coin offering for the introduction of Morris Coin cryptocurrency.
Nishad K has amassed deposits from the investors via numerous pin stockists by holding promotional events in the presence of famous people, presenting the investors with fancy websites, and providing e-wallets to each investor via web-based apps. The gathered funds were subsequently transferred to Nishad K. and his companies’ bank accounts. The collected sums were then stacked into the shell corporations. It was discovered via the investigation of the bank statements for the accounts related to Nishad K and his businesses that different enterprises and entities were utilised to transfer the proceeds of crime into various bank accounts.
The offices of Nishad and his accomplices have been the subject of many raids around the nation by the ED, during which time numerous damning papers have been collected. Previously, the ED has attached movable and immovable property worth Rs. 36.72 Crore. The Managing Director of M/s Stoxglobal Brokers Pvt. Ltd., Abdul Gafoor, was also detained by this Directorate on March 24, 2022. Additionally, on May 21, 2022, ED submitted a Prosecutions Complaint to the Special Court PMLA, Kozhikode, against six defendants. As of the right moment, this case has a total attachment of Rs. 50.72 crores. Further research is now being conducted.
