Highlights

  • 1.1 million crypto investors defrauded of Rs 1,200 crore
  • Investors were sold a non-existent cryptocurrency

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EJ Explains | Rs 1,200 crore scam highlights need for crypto regulation this budget

Crypto investors lost over $2.8 billion globally to various crypto scams in 2021. 

A latest crypto fraud may have led to over a million people losing Rs 1,200 crore. Reports indicate that almost 1.1 million investors in Tamil Nadu, Kerala, and Karnataka were defrauded for a cryptocurrency that didn't even exist.

As per the reports, a Kerala man duped these people by asking them to invest in an 'initial coin offering' of a 'fake cryptocurrency' named Morris Coin. But the promoters of the coin siphoned out the money and illegally invested in immovable properties in Kerala, Tamil Nadu and Karnataka, particularly in real estate without showing any source of income, reports mentioned.

Also read/watch | Budget 2022: From classification to taxes will cryptocurrency finally get clarity?

This calls for a crypto regulation sooner as investors lost over $2.8 billion globally to various crypto scams in 2021.

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