A 36-year-old Indian man who made promises to investors about Morris Coin was arrested by local police on cryptocurrency fraud charges. The man who was arrested defended himself saying “there is nothing illegal”.
In India, Malappuram district police arrested Nishad, Managing Director of Long Reach Technologies, for cryptocurrency fraud. Whether Long Reach Technologies, a Bengaluru-based company, is directly involved in the fraud incident is not yet known.
According to local sources; Police teams seized important documents in the raid on Nishad’s house with an arrest warrant. In line with the documents seized by the police, it was claimed that Nishad defrauded thousands of people, hundreds of thousands of dollars from all over India.
Nishad Tricked Investors With Morris Coin
Managing Director Nishad has been accused of Morris Coin cryptocurrency fraud. According to the police allegations, Nishad to investors; If a minimum of 15 thousand rupees (approximately one thousand 500 TL) is deposited, he promised 270 rupees (approximately 30 TL) per day for 300 days. According to the plan, investors would be allowed to trade with Morris Coin after 300 days. In addition, additional awards were offered to investors for each new person they added to the chain of happiness.
The police alleged that the Morris Coin was not listed on any exchange, which made it impossible to make a transaction with Morris Coin. It was also claimed that the company does not have a registered office. Even on the Morris Coin ICO official website, no details about team members or project developers were found.
Although Nishad claims that Morris Coin is not in any illegal organization, the police are trying to identify the people who invested in the Morris Coin to achieve clearer results.