New Delhi [India], July 11 (ANI): The Enforcement Directorate (ED) has attached more assets valued at Rs 14 crore in the Morris Coin cryptocurrency cheating case, the agency said on Monday.
The attached assets include the balance in bank accounts of Fly With Me Mobile LLP (a firm owned by Nishad and Hasif K) and immovable properties of associates of Nishad K, purchased out of the proceeds of crime, said the ED.
The attached properties include bank balance held in the bank account of Fly With Me App, a hospital in Kochi, and 52 acres of agricultural land in Tamil Nadu. The properties were attached under the Prevention of Money Laundering Act (PMLA), 2002.
Earlier movable and immovable properties to the tune of Rs 36.72 crore were attached by the ED. Total attachment in this case now stands at Rs 50.72 crore.
ED initiated a money-laundering investigation on the basis of various FIRs registered in various police stations against Nishad K and others persons for cheating people on the pretext of giving high returns of 2-3 per cent per day to the investors.
During the course of the investigation conducted under PMLA, 2002, the ED said, it has been ascertained that Nishad K via his various firms such as Long Rich Global, Long Rich Technologies and Morris Trading Solutions collected deposits from the investors in the guise of initial coin offer for the launch of Morris Coin cryptocurrency.
“By conducting promotional events in the presence of celebrities, introducing the investors to flashy websites and by the provision of e-wallets to each investor via web-based applications, Nishad K has collected deposits from the investors via various pin stockists,” the agency said.
“The amounts so collected were then transferred into the bank accounts of Nishad K and his firms. Subsequently, the collected amounts were layered into the shell companies,” it added.
From the bank statement analysis of the accounts pertaining to Nishad K and his firms, the federal agency further said, it was found that numerous firms and companies were used to launder the proceeds of crime into multiple bank accounts.
ED has conducted multiple searches across the country at the premises of Nishad and his associates and has seized various incriminating documents.
In the instant case, the ED also arrested Abdul Gafoor, Managing Director of Stoxglobal Brokers Pvt Ltd on March 24 this year.
Further ED has also filed a prosecution complaint against six accused before the Special Court PMLA, Kozhikode on May 21 this year. (ANI)