Kerala man arrested in Rs 1,200 Cr Morris Coin crypto scam » Scammer News

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The Enforcement Directorate (ED) has arrested Abdul Gafoor of Malappuram in relation to the Morris Coin cryptocurrency scam that defrauded around 900 investors of Rs 1,200 crore at the start of the pandemic.

These investors were influenced to purchase the “Morris Coin” on a Coimbatore-based cryptocurrency exchange called Franc Exchange. This was sold to the traders in a similar manner to a public offering, and the bulk of the investments occurred in 2020.

According to the Indian Express, the ED has remanded Gafoor in judicial custody under the Prevention of Money Laundering Act at the Kozhikode court. They are planning to move the court to allow for an interrogation today.

Gafoor is the director of a shell company called Stox Global Brokers Private Limited that allegedly helped launder the fraudulent retail investments in Morris Coin, and siphoned off the money to other shell companies to be accessed by the…

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