- The head of Morris Coin, an Indian cryptocurrency scam which claimed to be “the best trending platform”, has been arrested
- Morris Coin claimed to be a decentralized cryptocurrency when it was in fact a cookie cutter Ponzi scheme
- Victims were promised guaranteed returns and offered a generous referral commission
The operator of the terribly named Morris Coin cryptocurrency Ponzi scheme has been arrested in India. The 36-year old scammer, identified only as Nishad K by the New Indian Express, was arrested by police in the Indian state of Kerala for operating a multi layered Ponzi scheme that promised “mouthwatering” returns to investors for what purported to be a cryptocurrency platform and token.
Morris Coin Promised Returns
The Morris Coin scam appears to have used a typical Ponzi scheme template, promising high returns, incentives to bring in new investors, and little to no information on how the scheme actually made money.
Nishad is accused of offering Morris Coins, which don’t appear to have been listed on any cryptocurrency exchange at any time, in return for a minimum investment of 15,000 rupees ($205) for a ‘lock-in’ period of at least 300 days.
Like all good Ponzi schemes, investors were promised a guaranteed return on their investment – in the case of Morris Coin this was purported to be a minimum return of 270 rupees ($3.70) or 1.85% of the minimum investment per day. Police have also reported that Morris Coin promoters received a commission of between 10-40 percent in return for bringing new investors into the scam.
Victims Didn’t Report the Scheme
Police began looking into Morris Coin not because of reports from victims, who presumably were either too embarrassed to admit their part in it or hadn’t yet realized a loss. Instead the authorities became involved due to a tip off from someone outside the operation, with the inspector in charge of the case against Nishad confirming that “we have not received any complaint” from investors.
Regardless, Morris Coin will likely now be shut down, meaning the world will sadly have to say goodbye to “the best trending platform”.
