Express news service
KOCHI: Many people in Kochi have lost thousands of rupees in a cryptocurrency investment fraud similar to the one that was dismantled following the arrest of four people in Kannur a few days ago. City police have launched a fraud investigation after receiving complaints about a gang deceiving city residents into offering a high return on investment in a cryptocurrency promoted by a company called “Morris Coin.” On the instruction of the hierarchy of the department, a case was registered at the Kalamassery police station in connection with the scam.
“The preliminary investigation revealed that the accused collected thousands of rupees from people offering high returns every five days,” said a police officer. According to the FIR (N. 198/2021), the case was registered against a person identified as Junior K Joshi, 38, of Chirattappalam in Fort Kochi for offenses punishable under Articles 406 of the IPC (abuse of criminal trust) and 420 (deception and dishonestly inducing the delivery of goods).
According to the police report delivered to the court opposing the accused’s early bail application, Joshi fraudulently led the complainant to believe that if the complainant invested money in the Morris Coin financial plan, he would get high returns every five days. Based on the false insurance, the accused collected $ 1,05,000 from the complainant.
Police said the accused was colluding with the promoters of the company and asking people to believe in the Ponzi scheme proposed by the company. “The defendants have received rich dividends for pushing people to join the program,” police said. Police said the investigation would seek to determine whether the accused had any connections to those arrested in Kannur. The fraud was committed by offering people Morris Coin.
“Although there is a website called Morris Coin owned by Long Rich Technologies, it does not mention any address or details about the company. The website provides only vague details and is primarily aimed at convincing people to invest in it. cryptocurrency, “an officer said. The High Tech Crime Cell is also investigating the activities of the company because it suspects that many people have lost money.” The economic crisis due to the pandemic and the loss of jobs has helped fraudsters deceive people who were looking for another source of income, “said a senior police official.