Indian authorities arrested one of the prime accused of the $160 million Morris coin scam case. The Enforcement Directorate arrested the accused on March 28.
Morris coin scam was one of the most significant crypto fraud scenes in the country. ED is the special wing of the Finance ministry that deals with highly valued economic cases.
According to the sources, the culprit arrested is Abdul Gafoor, who has been remanded in judicial custody by the prevention of money laundering act court.
Gafoor is the director of a shell company called Stox Global Brokers Private Limited. He was an active scammer involved in different activities that had been involved looting money from people. He usually lures people into his fake investment offers and disappears from the scene.
A little background on one of the largest Indian frauds
The Morris scam happened in 2020. The scammers deployed their plan during the pandemic. They lured the investors to buy “Morris Coin, ” listed on an exchange called Franc. One morris coin was valued at $20 each with a lock-in period of 300 days.
The investors were provided with an e-wallet and promised that the coin would skyrocket once traded on the exchange. The case came out of the shadows when the investors filed a lawsuit against one of the top dogs of the scam, Nishad K.
Failing to realize the actual size of the case, Nishad was released, and he fled the country, leaving no trace. The case was later reopened when multiple victims started filing complaints. The Indian authorities then understood the magnitude of the case.
The scammers moved the money and invested them in properties and real estate. The Indian police seized some of Nishad’s properties in Kerala. As per the reports, at least 900 investors fell victim to the scam.