How were investors duped to the tune of Rs 1,200 crore?
The accused, 31-year-old Kerala resident Nishad K, and his partners allegedly collected deposits from investors under the guise of an initial coin offer (ICO) for the launch of Morris Coin cryptocurrency. An ICO is the crypto industry's equivalent of an initial public offering (IPO). A company seeking to raise money to create a new coin, app, or service can launch an ICO as a way to raise funds. Interested investors can buy into an ICO to receive new cryptocurrency tokens issued by the company. People were lured to invest in the seemingly attractive schemes through WhatsApp messages, where they were offered Rs 270 every day for 300 days and 15 Morris Coin cryptocurrency worth Rs 1,500 each on investing Rs 15,000 through agents in the crypto wallets provided by the promoters. Take a look