Kerala: ED ties up 37 crore assets of Kerala bizman in crypto scam

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NEW DELHI: In another money laundering case involving cryptocurrencies, the Enforcement Branch claimed on Monday that it had seized the 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 allocate cryptocurrencies to investors. The agency searched 11 locations in Kerala, Tamil Nadu, Karnataka and Delhi and seized documents revealing alleged money laundering by the accused. The ED claimed to have seized cryptocurrencies such as Ethereum, BTC, BNB, YFI, VET, ADA and USDT, worth Rs 25.8 lakh. “All of the above cryptocurrencies, purchased with the proceeds of crime, have been converted to INR and tied by the ED,” the agency said. The investigation began with the ED recording a money laundering case against Morris Coin Crypto Currency. “The attached assets include the balances of several bank accounts of Nishad K and its companies, real estate, including the land of a close associate of Nishad K and the INR equivalent of cryptocurrencies purchased with the proceeds of the crime by a close associate, ”the managing director said. . Kerala police previously registered several FIRs, saying the accused duped more than 900 investors and collected Rs 1,200 crore. Morris Trading Solutions collected investor deposits in the form of an initial coin offering after the Morris cryptocurrency launched. “Deposits taken from the public were illegal and without any legal authorization from regulatory bodies,” ED said.

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