- ED has launched its first raid in Leh-Ladakh, targeting a fraudulent cryptocurrency scheme under the Prevention of Money Laundering Act (PMLA).
- Investigation revealed that A.R. Mir and his agents operated a fake cryptocurrency business from an office in Leh.
- 2,508 investors invested a total of Rs. 7,34,36,267 in the scheme.
The Enforcement Directorate (ED) has launched its first-ever raid in Leh-Ladakh, targeting a fraudulent cryptocurrency scheme under the Prevention of Money Laundering Act (PMLA). The operation involved searches at six locations, including Leh, Sonipat, and Jammu, focusing on M/S A.R.Mir and their cryptocurrency, “Emollient Coin.” The ED’s action was supported by local police and the CRPF, marking a significant move against financial fraud in the region.
According to a complaint filed by the Additional District Magistrate in Leh, an FIR (No. 16/2020) was registered on March 5, 2020, under Section 420 of the IPC by the Jammu and Kashmir Police at Leh Police Station against A.R. Mir and Ajay Kumar Choudhary.
An investigation by the panel revealed that AR Mir and his agents were operating the fake cryptocurrency business from an office in Leh. Investors were lured into purchasing Emollient Coin through cash, bank transfers, or Bitcoin exchanges via a mobile app, promising up to 40% returns after a 10-month lock-in period.
The scam also incentivized investors to recruit others with commissions of up to 7% for direct referrals and additional percentages for further levels, creating a deceptive multi-level marketing structure. investigation uncovered that 2,508 investors had invested a total of Rs. 7,34,36,267 in the scheme.
The Enforcement Directorate also revealed that the duo used funds from Emollient Coins to start a real estate business and acquired various properties in Jammu.
