Kerala: Four arrested in 100 crore cryptocurrency fraud | Kozhikode News

 Kerala: Four arrested in 100 crore cryptocurrency fraud | Kozhikode News
KOZHIKODE: Kannur police have arrested four persons for allegedly running a cryptocurrency Ponzi scheme by promising high returns to investors in a fraud estimated at around Rs 100 crore.
The arrested have been identified as P M Mohammed Riyas (31), from Alampadi in Kasaragod, Wasim Munavvar Ali (35), from Pavangad near Kozhikode, C Shafeeq (30), from Manjeri in Malappuram and Mohammed Shafeeq (28), from Wandoor in Malappuram.
According to the police, the accused were running the Ponzi scheme in the name of Bengaluru-based Long Reach Technologies and lured investments from people in various districts for five schemes by promising huge returns of between one per cent to five per cent daily.
“They could not pay investors the promised returns or the money they had invested, and later, they offered investors a cryptocurrency called Moris Coin. But that also turned out to be cheating. A large number of people have lost their money…

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