Good golly gosh! These never-ending crypto scams (sigh)! A Kerala man was arrested by the Enforcement Directorate in connection with a Rs 1200 Crore crypto fraud in Kozhikode. Sources have revealed that Abdul Gafoor, a native of Malappuram lured people into fake crypto investments.

Gafoor syphoned money from his (now inactive) shell company – Stox Global Brokers Pvt Ltd based out of Malappuram, his native. ED has also earlier identified k Nishad the kingpin of the crypto racket. Unfortunately he pulled off a Mallya and his whereabouts is unknown at the moment.

According to the ED sources, K Nishad had scammed over 900 investors. His properties have been attached in Malappuram. A case of money laundering was registered last year by the agency in Kannur and Malappuram districts against Nishad and others under section 420 along with other IPC sections including Prize Chits and Money Circulation Schemes (Banning) Act.

SEE ALSO: US Siblings Duped Over 20000 Investors Of $124 Million In Crypto Scam

Victims were scammed as early as 2020 even as the pandemic ravaged the economy, making gullible folks susceptible to such conmen. ED sources said that crypto scamsters offered 10 Morris Coins for a trading value of INR 15000 with a lock-in period extending 300 days. The victims were allegedly provided (presumably) fake e-wallets with false promises of a booming trade within the lock-in period.

While similar cases have been occurring globally, it’s high time cyber sleuths and administration enforce regulations that would prevent gullible commoners from being conned. This also calls for Crypto awareness and education amongst the aam-janta, especially students. I’d suggest Crypto startups and exchanges should take the lead.

SEE ALSO: Dating Apps : The New Breeding Ground Of Crypto Scammers

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