The Enforcement Directorate has uncovered raids across the country in connection with a fake cryptocurrency called Morris Coins, in which the company launched an “intimate coin offering”. Investors in Kerala, Tamil Nadu and Karnataka are estimated to have sunk an estimated Rs 3,000 crore.
In this case, the police have raided Bangalore’s Longrich Technology, Morris Trading Solutions and other companies.
Reportedly, they also set up a money chain model in the scam, in which the deposited money was converted into Morris Coin. The scammers had come up with a scheme to attract investors, promising to give investors Rs 270 per day for 300 days on investment of at least Rs 15,000.
According to sources, many people are yet not coming forward as they have invested their black money in this scam.
