Leh: The Srinagar zone’s Enforcement Directorate (ED) carried out its inaugural search operation in the Leh-Ladakh region on Friday.
The operation, executed under the Prevention of Money Laundering Act (PMLA), focused on six locations in Leh, Jammu, and Sonipat linked to a fraudulent cryptocurrency enterprise led by AR Mir, among others.
An official release stated that numerous investors had put funds into a cryptocurrency called ‘Emoillent Coin,’ yet they neither received any returns nor the currency itself. This led to the filing of several FIRs in the Leh area and many complaints in Jammu and Kashmir.
The search was initiated following a complaint by the Additional District Magistrate of Leh, which implicated AR Mir and Ajay Kumar Choudhary. An inquiry by a committee appointed by the District Magistrate discovered that AR Mir and associates operated a sham cryptocurrency business named “Emollient Coin Limited” from the Anjuman Moin-Ul complex in Leh, which was subsequently shut down post-investigation.
The fraudulent scheme lured individuals to purchase the counterfeit cryptocurrency, Emollient Coin, using cash, bank transfers, or Bitcoin trades through a mobile application. The con promised up to 40% returns after a ten-month holding period.
Moreover, it offered incentives for recruiting new investors, with up to 7% commission for direct referrals and additional commissions down to the tenth level, weaving an intricate and misleading financial network.
The probe uncovered that 2,508 investors had collectively invested Rs. 7,34,36,267 in the fraudulent scheme.
