Morris Coin scam: At least 1.1 million investors may have been cheated

The companies that were raided include Bengaluru-based Long Rich Technologies, Longrich Global, and Morris Trading Solutions, among others

Earlier this week, the Enforcement Directorate conducted raids at 11 locations across the country regarding a fake cryptocurrency called Morris Coin that floated an “initial coin offering” similar to an initial public offering.

Though the investigating agencies peg the scam's size at Rs 1,265-crore, victims, pin stockists who were part of the Morris Coin team, lawyers who have been battling the case in courts for over two years, and police officials indicate that at least 1.1 million investors spread across Kerala, Tamil Nadu, and Karnataka might have lost over Rs 3,000 crore in the scheme.  

The companies that were raided include Bengaluru-based