NEW DELHI: In yet another money laundering case involving crypto currencies, the Enforcement Directorate on Monday claimed it has attached assets of a Kerala businessman worth Rs 37 crore. The agency claimed that the businessman, Nishad K, and his associates were involved in raising funds to the tune of Rs 1,200 crore, promising to allot crypto currencies to investors.
The agency conducted searches at 11 places in Kerala, Tamil Nadu, Karnataka and Delhi and seized documents revealing alleged laundering of funds by the accused. The ED claimed that it seized crypto currencies such as Ethereum, BTC, BNB, YFI, VET, ADA and USDT, valued at Rs 25.8 lakh. “All the above crypto currencies, purchased out of the proceeds of crime, were converted into INR and attached by the ED,” the agency said.
The investigation started with the ED registering a money laundering case against the Morris Coin Crypto Currency . “The attached assets include balances in multiple bank accounts of Nishad K and his companies, immovable property including land of an associate close to Nishad K and INR equivalent of crypto currencies purchased out of the proceeds of crime by a close associate,” the ED said.
Kerala police had earlier registered multiple FIRs stating that the accused had duped more than 900 investors and raised Rs 1,200 crore. The Morris Trading Solutions collected deposits from investors in the guise of initial coin offer after the launch of Morris crypto currency. “The deposits taken from the public were illegal and without any statutory permission from regulatory agencies,” ED said.
The agency conducted searches at 11 places in Kerala, Tamil Nadu, Karnataka and Delhi and seized documents revealing alleged laundering of funds by the accused. The ED claimed that it seized crypto currencies such as Ethereum, BTC, BNB, YFI, VET, ADA and USDT, valued at Rs 25.8 lakh. “All the above crypto currencies, purchased out of the proceeds of crime, were converted into INR and attached by the ED,” the agency said.
The investigation started with the ED registering a money laundering case against the Morris Coin Crypto Currency . “The attached assets include balances in multiple bank accounts of Nishad K and his companies, immovable property including land of an associate close to Nishad K and INR equivalent of crypto currencies purchased out of the proceeds of crime by a close associate,” the ED said.
Kerala police had earlier registered multiple FIRs stating that the accused had duped more than 900 investors and raised Rs 1,200 crore. The Morris Trading Solutions collected deposits from investors in the guise of initial coin offer after the launch of Morris crypto currency. “The deposits taken from the public were illegal and without any statutory permission from regulatory agencies,” ED said.
.