Kannur police’s investigation not just landed up in ponzi money scheme, but a cryptocurrency fraud

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“The accused started selling the investors the idea of paying back in a cryptocurrency, Morris Coin, despite not having any authorisation to do so,” Kannur police official said.

When Kannur police launched an investigation months ago, they were under the impression that they were chasing a racket involved in cheating using a run-of-the-mill ponzi money chain scheme.

But when the accused eventually arrested earlier this week, by which time they had allegedly cheated in excess of ₹100 crore, it emerged that they had even invoked the facade of cryptocurrency after a point.

“The ponzi scheme in the name of a Bengaluru-based company had gone bust and then they started selling the investors the idea of paying back in a cryptocurrency, Morris Coin, despite not having any authorisation to do so. We are increasingly hearing about frauds invoking cryptocurrency,” said P. P. Sadanandan, Assistant Commissioner of Police,…

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