The Enforcement Directorate (ED) conducted its first-ever raid in the Leh Ladakh region, targeting a suspected fake cryptocurrency business. The action, taken under the provisions of the Prevention of Money Laundering Act (PMLA), aimed to investigate allegations of fraudulent activities.
ED sources revealed that the agency raided at least six premises in Leh, Ladakh, Jammu in Jammu and Kashmir, and Sonipat in Haryana. The investigation focuses on A R Mir and his associates, who are accused of operating a fake cryptocurrency scheme called ‘Emollient Coin.’
The case alleges that thousands of investors were lured into investing their money in ‘Emollient Coin,’ promising substantial returns. However, many investors claim they never received the promised cryptocurrency or any returns. Several FIRs were filed in the Leh region, along with complaints from Jammu and Kashmir, which led to the PMLA case.
According to a complaint received from the Additional District Magistrate, Leh, an FIR No. 16/2020 dated 05-03-2020 was lodged under section 420 of the Indian Penal Code (IPC), by the Jammu and Kashmir Police at Leh Police Station. The FIR targeted A. R. Mir and Ajay Kumar Choudhary, accusing them of running a fraudulent cryptocurrency business under the name of “Emollient Coin Limited.”
The ED investigation revealed that A R Mir and his agents allegedly operated “Emollient Coin Limited” from their office near SNM Hospital in Leh. The agency sealed the office, accusing the suspects of cheating numerous individuals by falsely promising to double their investments.
The investigation further revealed that “The Emollient Coin Limited” was incorporated on September 28, 2017, with its registered office in London. Naresh Gullia and Channi Singh were its promoters in India.
ED sources revealed that A. R. Mir, along with Ajay Kumar Choudhary, had also started a real estate business. The duo allegedly acquired various lands in Jammu using funds generated through Emollient Coins Limited. The investigation is ongoing, with the ED determined to uncover the full extent of the alleged fraud and bring the perpetrators to justice.
