New Delhi: The Enforcement Directorate (ED) on Monday announced that it has attached assets worth over Rs 36 crore from Nishad, a Kerala-based businessman and his associates who allegedly duped 900 people out of Rs 1,200 crore. Was. Invest in cryptocurrency with huge returns.
Nishad Kay and his friends, who have been charged under the Money Laundering Prevention Act, are accused of luring depositors with the promise of launching a “Morris Coin cryptocurrency”.
According to an ED official, the attached assets include balances in several bank accounts of Nishad and his companies, immovable properties, including land owned by a close associate of Nishad and purchased with proceeds of crime by a close associate. Contains money equivalent to cryptocurrencies. Why Nishad?
The Kerala Police initially registered several FIRs against him in various districts including Malappuram, Kannur and others. According to the FIR, more than 900 investors were duped out of Rs 1,200 crore.