The Enforcement Directorate (ED) of the Srinagar zone conducted its first-ever search operation in the Leh-Ladakh region on Friday. The raid, carried out under the Prevention of Money Laundering Act (PMLA), targeted six locations in Leh, Jammu, and Sonipat in connection with a fraudulent cryptocurrency scheme operated by AR Mir and associates.
According to the official statement, thousands of investors had put their money into a cryptocurrency called ‘Emoillent Coin,’ but had not received any returns or the cryptocurrency itself. This led to multiple FIRs being filed in the Leh region and numerous complaints in Jammu and Kashmir.
The operation was initiated following a complaint from Leh’s Additional District Magistrate, naming AR Mir and Ajay Kumar Choudhary as the accused. An investigation by a panel formed by the District Magistrate revealed that AR Mir and his agents were operating a fake cryptocurrency business, Emollient Coin Limited, from an office at the Anjuman Moin-Ul complex in Leh. The panel subsequently shut down the office.
The scam involved enticing individuals to purchase the fake cryptocurrency, Emollient Coin, through cash, bank transfers, or Bitcoin exchanges via a mobile app. Investors were promised returns of up to 40% after a 10-month lock-in period and were incentivized to recruit others, earning commissions of up to 7% for direct referrals. Additional commissions of 3% at the second level and 1% for subsequent levels up to the tenth created a complex, multi-level marketing structure.
The investigation uncovered that 2,508 investors had invested a total of Rs. 7,34,36,267 in the fraudulent scheme.
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