A man named Nishad, resident of District Malappuram of Indian state Kerala has been arrested on this Wednesday. The 36 years old man has been found operating a cryptocurrency fraud scheme.
Malappuram District Police told the local news that Nishad has been arrested on the charges of running a crypto scam. Charges have been imposed against Nishad under law namely Prize Chits and Money Circulation Schemes (Banning) Act, told Abdul Karim. Karim is the Chief of District Malapurram Police.
A team of police officers led by P Vishu, Police Inspector, was formed to apprehend the culprit who was reportedly in his house on Wednesday. Police raided the house of the culprit and immediately arrested the accused who was trying to escape. During the arrest police also come across various important documents that were then taken into police custody. The District Police also alleged that Nishad had been operating the crypto scam for quite a long time. He had successfully scammed hundreds of thousands of dollars by duping hundreds of crypto investors within and outside India. Police also said that they had received several complaints against Nishad. In the complaints, it was alleged that he enticed people to invest in the crypto-scam scheme relating to Morris Coin. Nishad is also currently the MD of an Indian company namely Long Rich Technologies.
Police also informed the press Nishad had promised with the investors of huge returns on investments. One of the complainants alleged that Nishad offered him a daily return of IR 270 (US$ 3.60) for 10 consecutive months if he would invest US$ 200 in Morris Coin. Nishad also lied to the people that once the 10 month period will end, they will then be able to cash out their investment by exchanging Morris Coins. He also made sure to introduce a “referral” system so that more and more victims can be lured into the fraudulent scheme. However, the police caught the accused on the eve of this Wednesday.
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Police also said in the press statement that for the fulfillment of his nefarious designs, Nishad also developed a phony website. The website did not contain any details about the company and its people nor did it provide any specific details about schemes. Police also told that as per law Morris Coin is not backed by the Indian Government. The alleged Morris Coin is not enlisted with any of the crypto exchange firms currently operating within the country. Therefore the commitments and promises Nishad made were never to be fulfilled because the Morris Coin could never be exchanged.
Nishad is now under the custody of police and will be presented before the Magistrate for framing of charges.