ED conducts searches in Leh-Ladakh in Emoillent Coin- cryptocurrency fraud case
The investigation revealed that 2,508 investors had invested a total of Rs. 7,34,36,267 in the scheme
New Delhi, August 2
The Enforcement Directorate (ED) of the Srinagar zone conducted its first-ever search operation in the Leh-Ladakh in cryptocurrency fraud case.
The raid was conducted at six premises located in Leh, Jammu, and Sonipat in connection with a fake cryptocurrency business run by AR Mir and others.
The ED stated that thousands of investors had invested their money in a cryptocurrency named 'Emoillent Coin." However, they have not received any returns or the currency itself, following which multiple FIRs were filed in the Leh region, while numerous complaints have been lodged in Jammu and Kashmir.
The agency launched the search operation based on a complaint from Leh's Additional District Magistrate. The complaint named AR Mir and Ajay Kumar Choudhary as the accused. A probe held by a panel formed by the District Magistrate revealed that AR Mir and his agents were running a fake cryptocurrency business under the name “Emollient Coin Limited” from an office at the Anjuman Moin-Ul complex in Leh.
As per the scheme details, the individuals were enticed into buying the fake cryptocurrency, Emollient Coin, through cash, bank transfers, or Bitcoin exchanges via a mobile app. The scam promised investors returns of up to 40% after a 10-month lock-in period. Additionally, investors were incentivised to recruit others, earning commissions of up to 7% for direct referrals. This multi-level marketing structure offered further commissions of 3% at the second level and 1% for subsequent levels up to the tenth, creating a complex and deceptive financial web.
The investigation revealed that 2,508 investors had invested a total of Rs. 7,34,36,267 in the scheme.
