NEW DELHI: The Enforcement Directorate (ED) announced on Monday that it has seized assets worth more than Rs 36 crore from a Kerala-based businessman named Nishad K and his associates, who allegedly defrauded 900 people out of Rs 1200 crore by convincing them to invest in cryptocurrency with huge returns.

Nishad K and his friends, who have been charged under the Money Laundering Prevention Act, are accused of luring depositors with the promise of launching the "Morris Coin Cryptocurrency."

According to an ED official, the attached assets include balances in Nishad's and his companies' multiple bank accounts, immovable properties, including land owned by a close associate of Nishad, and money equivalent to crypto currencies purchased with proceeds of the crime by a close aide of Nishad.

The Kerala police initially filed many FIRs against them in various districts, including Malappuram, Kannur, and others. According to the FIRs, over 900 investors were duped out of Rs 1,200 crore.

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