ED attaches assets worth Rs 14 crore in Morris Coin cheating case

The Enforcement Directorate (ED) has provisionally attached assets valued at Rs 14 crore in the Morris Coin Crypto Currency cheating case under the Prevention of Money Laundering Act, 2002.

The total attachment in the case stands at Rs 50.72 crore, the agency said on Twitter.

The Morris Coin scam, which came to light in 2020, involved an initial coin offering of the fake cryptocurrency. The ED had conducted various raids in the case in Kerala.

The Reserve Bank of India has warned that the so-called private cryptocurrencies have no value and are detrimental to the country’s financial stability. The Centre has started taxing transactions in cryptocurrencies.