In September 2020, the Morris coin ICO fraud was all over the news when the Malappuram district police arrested Nirshad, who was a 36 years old man suspected to be the mastermind behind the whole operation.
According to the police, Nirshad had staged the whole Morris coin crypto ICO scam where the fraud company based in Bangalore had promised its investors that they would receive a daily return of ₹270 over 300 days and in return they would need to make a minimum deposit of ₹15,000 which would be locked in for those 300 days. Further, any investor who could pull in more new investors would be eligible for referral bonuses. They also added that once the 300 days period would be over, the investors would be able to exchange their purchased Morris coins.
But later, the scam came to light when the investors started to realise that the company was not following through with its promises.
What is the current situation of this scam?
After it was found that over 11 lakh investors had been duped of their money which amounted to a total of ₹1200 crore. The higher authorities started to look into the matter more seriously and assigned the ED to it. The ED recently, chalked out 11 places having a possibility of being linked to the Morris coin scam and also raided them. Along with those places, the ED also investigated famous Malayalam actor, Unni Mukundan’s company in regards to large sums of money being deposited to the actor’s account by Nishad in the past.
Though in a reply, the actor has refuted the accusations of being linked to the Morris coin scam in any way whatsoever. The actor further stated that the money which he has received in his account is an advance payment for one of his upcoming films. Later, the actor father mentioned to the media that the ED came over to their place as a courtesy visit and to have a conversation on cinema.
Currently, the prime accused, Nishad has fled the country and is absconding from the law after he got bail from the high court.
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