The Directorate of Enforcement (ED) has temporarily attached movable and immovable property worth Rs. 3,43,68,376 in the Morris Coin Cryptocurrency Case under the Prevention of Money Laundering Act, 2002, on September 7, 2023.
The bank account balance of M/s Flywithme Mobile LLP (a partnership firm of Nishad K and Hasif K) as well as Nishad K’s associate, Ansari P’s immovable property are included in the attached assets.
The ED has started its investigations because Numerous FIRs have been filed in various police stations against Nishad K and others for defrauding people under the pretense of providing high returns of 2-3% per day to investors.
During the investigation, it was revealed that Nishad K gathered deposits from investors with the help of various firms like M/s Long Rich Global, M/s Long Rich Technologies, and M/s Morris Trading Solutions to launch the Morris Coin cryptocurrency.
Earlier, ED did multiple searches all over the country on the premises of Nishad K and his partners and even found Rs. 21 lacs with various incriminating documents. On March 24, 2022, Abdul Gafoor, the Managing Director of M/s Stoxglobal Brokers Pvt. Ltd. and an associate of Nishad K, was taken into custody.
The Ld Adjudicating Authority confirmed the provisional attachment of movable and immovable properties worth approximately Rs. 50.72 crore that belonged to the companies and associates of Nishad K. On May 21, 2022, ED additionally submitted a Prosecution Complaint to the Special Court, PMLA, Kozhikode, against the six defendants in this case. Further investigation is still in progress.
