Ever since Bitcoin came to the mainstream, the southernly state of India -Kerala made news because of alleged cryptocurrency scams. Now it is believed that another scam was operating in Kerala. The local law enforcement arrested a man from Malappuram. Mr. Nishad who was the founder of Morris coin was arrested and charged under the Prize chits and money circulation (Banning )Act. Nishad has already dismissed all accusations against him, but law enforcement reportedly found documents regarding fraud at his house.
The scam was running based on the name of Morris coin, Nishad claimed that with an initial investment which was $200, investors will receive return up to nearly 4$ per day for 300 days. The company said that the 300 days was a locking period and after that, the investors will be able to sell their token and receive huge profits.
Nishad scammed many people across India and also offered commissions to add new people to the scheme.
It is clear that his firm did not have an established office and its website did not provide adequate information on the scheme. The website did not have information on founders and developers, unlike the real ones.
Law enforcement is currently looking at his transactions and assets in order to build a stable case.
Even though he was arrested, he claims everything was according to law and he will cooperate with authorities to prove his innocence.
