ED attaches assets of Kerala man who duped investors

New Delhi: The Enforcement Directorate on Monday said it has attached assets of a Kerala-based businessman who allegedly cheated over 900 investors to the tune of Rs 1,200 crore in the name of offering cryptocurrency

to them.

The action by the federal anti-money laundering agency has been taken against Nishad K and his associates who allegedly lured depositors in the name of launching 'Morris Coin cryptocurrency'.

A provisional order under the Prevention of Money Laundering (PMLA) has been issued to attach properties that include "balances in multiple bank accounts of Nishad K and his companies, immovable property including the land of an associate close to Nishad K and Indian Rupee equivalent of cryptocurrencies purchased out of the proceeds of crime by a close associate".

The total value of the attached assets is over Rs 36.72 crore. Nishad K, the agency said, through his companies like Long Rich Global, Long Rich Technologies and Morris Trading Solutions collected deposits from investors "in the guise of initial

coin offer for the launch of Morris Coin

cryptocurrency."