Abdul Gafoor, a local of Malappuram, Kerala has been arrested by the Enforcement Directorate for his alleged involvement in siphoning off funds within the Rs 1,200 crore Morris Coin rip-off.
Gafoor, who was the director of Stox International Brokers Personal Restricted, a shell firm primarily based in Malappuram, Kerala, has been remanded in judicial custody by a PMLA court docket in Kozhikode.
What’s the Morris Coin rip-off?
In 2020, Ok Nishad, a resident of Malapuram, Kerala launched the Preliminary Coin Providing of ‘Morris Coin’ a brand new cryptocurrency token as the primary promoter of the cryptocurrency.
9 hundred individuals reportedly invested within the ICO, whereby buyers purchased 10 Morris Cash for Rs 15,000 and needed to maintain the tokens for 300 days in cryptocurrency wallets supplied by the promoters, after which the token was imagined to be listed on a Coimbatore primarily based cryptocurrency trade, ‘Franc trade’. The promoters promised that after the tokens are listed, their worth would growth a number of instances.
In actuality, the tokens have been non-existent and by no means received listed on any trade. Furthermore, the promoters of Morris Coin siphoned all the cash and invested it in immovable properties in Karnataka, Tamil Nadu, Kerala, and so forth.
In October 2020, the Malapuram police launched an investigation into three corporations allegedly concerned within the rip-off, Lengthy Attain International, Lengthy Attain Applied sciences, and Morris Buying and selling Options. All these corporations have been run by Ok Nishad.
Ok Nishad has been booked and arrested by ED for allegedly orchestrating the Morris Coin rip-off.
Gafoor’s involvement
Abdul Gafoor has been arrested for his alleged involvement in siphoning off the cash obtained by buyers for the cryptocurrency, Morris Coin.
Additionally Learn: Crypto markets continue rally; Bitcoin close to $47,000
Additionally Learn: ED arrests Kerala man allegedly involved in Morris Coin scam