Police were tipped off by someone who was not directly involved in the Ponzi scheme.
A 36-year old man has been arrested by police in the southern Indian state of Kerala in connection with operating a three-pronged cryptocurrency Ponzi Scheme that promised 'mouthwatering' returns to investors.
The 36-year-old, who is identified in the New Indian Express as Nishad K., allegedly operated the scam through three entities that he was the chief executive of: Long Reach Global, Long Reach Technologies, and Morris Trading Solutions.
Promises of High Returns & and a Total Lack of Transparency
Nishad allegedly took investments in the scheme by offering ‘Morris Coins’, which are not listed for trading on any known cryptocurrency Exchange . Investors were required to put a minimum of 15,000 Rupees (roughly $200) for a 'lock-in' period that lasted a minimum of 300 days; they were promised a per-day minimum return of 270 Rupees (roughly $3.70, or 1.85% of the minimum investment).
Additionally, police have reported that the project offered a 10-40 percent commission to investors for bringing new investors into the Morris Coin fold.
Indeed, the Morris Coin project has all of the trappings of a traditional cryptocurrency Ponzi scheme: promises of high returns, big incentives to bring in new players, and a total lack of transparency (the Morris Coin website shares no information about how the project is run or who is involved.)
However, initial investigations have revealed that Nishad told his investors that the business was perfectly legitimate.
Police Were Reportedly Tipped Off by Someone outside of the Scheme
Police said that they have “recently raided Nishad’s house and have seized documents related to his financial dealings.
“We are looking into the documents and we have taken statements from some of his ‘clients’ in the area. Nishad will soon be quizzed in the case.”
Interestingly, though, there have not yet been any complaints from Morris Coin investors. Rather, District Police Chief Abdul Karim is said to have received a tip from someone outside of the scheme.
“We have not received any complaint,” said Vishnu P., Circle Inspector of Pookkottumpadam, told the New Indian Express. “We think he has gained their confidence by paying 0.5 to 3 percent interest on their investment every day for a certain period of time.”
However, “even without a complaint, action will be taken against the company owners for running a money chain [ponzi scheme] business,” Vishnu said.
Unfortunately, cryptocurrency Ponzi schemes seem to have become somewhat popular in India. CoinTelegraph reported earlier this year that Between 2017 and 2019, Indian investors lost nearly $500 million to scams operated within India and abroad.
A 36-year old man has been arrested by police in the southern Indian state of Kerala in connection with operating a three-pronged cryptocurrency Ponzi Scheme that promised 'mouthwatering' returns to investors.
The 36-year-old, who is identified in the New Indian Express as Nishad K., allegedly operated the scam through three entities that he was the chief executive of: Long Reach Global, Long Reach Technologies, and Morris Trading Solutions.
Promises of High Returns & and a Total Lack of Transparency
Nishad allegedly took investments in the scheme by offering ‘Morris Coins’, which are not listed for trading on any known cryptocurrency Exchange . Investors were required to put a minimum of 15,000 Rupees (roughly $200) for a 'lock-in' period that lasted a minimum of 300 days; they were promised a per-day minimum return of 270 Rupees (roughly $3.70, or 1.85% of the minimum investment).
Additionally, police have reported that the project offered a 10-40 percent commission to investors for bringing new investors into the Morris Coin fold.
Indeed, the Morris Coin project has all of the trappings of a traditional cryptocurrency Ponzi scheme: promises of high returns, big incentives to bring in new players, and a total lack of transparency (the Morris Coin website shares no information about how the project is run or who is involved.)
However, initial investigations have revealed that Nishad told his investors that the business was perfectly legitimate.
Police Were Reportedly Tipped Off by Someone outside of the Scheme
Police said that they have “recently raided Nishad’s house and have seized documents related to his financial dealings.
“We are looking into the documents and we have taken statements from some of his ‘clients’ in the area. Nishad will soon be quizzed in the case.”
Interestingly, though, there have not yet been any complaints from Morris Coin investors. Rather, District Police Chief Abdul Karim is said to have received a tip from someone outside of the scheme.
“We have not received any complaint,” said Vishnu P., Circle Inspector of Pookkottumpadam, told the New Indian Express. “We think he has gained their confidence by paying 0.5 to 3 percent interest on their investment every day for a certain period of time.”
However, “even without a complaint, action will be taken against the company owners for running a money chain [ponzi scheme] business,” Vishnu said.
Unfortunately, cryptocurrency Ponzi schemes seem to have become somewhat popular in India. CoinTelegraph reported earlier this year that Between 2017 and 2019, Indian investors lost nearly $500 million to scams operated within India and abroad.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Crypto Regulations Are Imminent, but Will the Regulators Align?
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
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Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
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