Three Indian Companies Long Reach Global, Long Reach Technologies, and Morris Trading Solutions are under police investigation in connection with a cryptocurrency scam.
These companies claimed that they have over 1 million investors in their ‘cryptocurrency’ called Morris Coin. According to experts, this is a big Ponzi scheme. The company offered a big ROI for locking in the coin for 300 days and lured INR 15000 ($200) minimum from each person.
The company also promised high commission when people refer others, this helped the sudden growth of the coin. Only a small fraction of the population in India knows they can trade cryptocurrency through exchanges, So it was easy to scam people with a cryptocurrency which is not even listed on an Exchange.
Police are checking the bank accounts of suspects and the ones who whipped large profits. It was Police who voluntarily started the case against the company. A 36-year-old man is to be inquested and police are looking into his 4 bank accounts. On the primary look about $70 million has been into his 2 bank accounts in the last 9 months. Most of this amount has been transferred to a different account, said police. The interesting fact is nobody has filed a complaint against this till now.
courtesy: Photo by Worldspectrum from Pexels
