India “Morris Coin” Ponzi Scheme Halted As Crypto Usage Grows

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Last Updated on 7 October 2020 by CryptoTips.eu

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Although it still operates under a threat of regulatory overhaul (and a possible ban by Prime Minister Modi’s Bharatiya Janata political party), the usage of crypto in India is still soaring. As we’ve reported in the past, the Indian subcontinent sees it as a clear long-term investment. In a culture where the family’s honor is very important and inflation is high, investment in safe havens is paramount. Although gold has a long way to go before it can be replaced as the, pardon the pun, gold standard of Indian safe haven investment. Crypto is clearly on the rise.

As CNN reporter Fareed Zakaria puts it in his newest book Ten Lessons For A Post-Pandemic World, the user base potential in India is truly enormous. Fareed said:

India leapfrogged the digital divide with astonishing speed. In 2015, it ranked 155th in the world in mobile broadband penetration. By 2017, it was consuming more mobile data than any other country on earth. And by 2025, hundreds of millions more Indians are expected to have handheld computers connected to the Internet.

This growth will be mostly felt in terms of digital payments and interest in crypto.

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Morris Coin

Unfortunately, this also brings with it some less fortunate reporting, such as a rise in Ponzi schemes.

One of these happened simultaneously in three Bengaluru-based companies and involved a cryptocurrency investment Ponzi scheme that was able to attract interested investors from all over India.

The firms involved have been named as Long Reach Global, Long Reach Technologies, and Morris Trading Solutions. They offered “a multi-crore money chain scam,” as first reported in the New Indian Express.

The crypto on offer was called the Morris Coin and would pay out a daily interest of 1.8% to every investor over the next 300 days. Too good to be true of course.

Indian police are convinced that as interest in digital payments and crypto soars to heights unseen, so will criminal schemes unfortunately.