According to the Prevention of Money Laundering Act (PMLA), the Enforcement Directorate (ED) has attached assets worth Rs 14 crore in the Morris Coin cryptocurrency fraud case.
A balance in the bank accounts of Nishad and Hasif K’s business, Flywithme Mobile LLP, as well as immovable properties that Nishad K’s associates are said to have purchased with the proceeds of crime are among the assets that have been attached.
The attached assets also include a hospital in Kochi and 52 acres of agricultural land in Tamil Nadu, in addition to the bank amount. On the basis of several FIRs filed at various police stations accusing Nishad K. and other people of cheating people in the name of providing large returns to investors of 2–3 percent per day, the ED launched a money laundering probe.
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