On Friday, for the first time ever, the Enforcement Directorate (ED) searched the Union Territory of Ladakh as part of an investigation into money laundering related to a scammers’ network in cryptocurrency. According to this probe itself, over Rs 7 crore had already been taken from over 2500 people.
Six sites in Sonipat, Haryana, Jammu and Kashmir, and Leh, Ladakh, were searched by the ED’s zonal office in Srinagar. A R Mir and his friends were the target of the raids because they were suspected of running a fraudulent cryptocurrency scam under the name “Emollient Coin Limited.”
According to officials, the scheme duped 2,508 investors, who collectively deposited Rs 7.34 crore into the fake cryptocurrency business. The victims were promised substantial returns, but instead, their funds were laundered and used to purchase real estate assets in Jammu.
The case originated from a First Information Report (FIR) filed in Leh in March 2020, along with additional complaints from Jammu and Kashmir. After an inquiry led by a committee formed by the district magistrate charged Mir and his agents with cheating. They had been operating their fraudulent business from an office in the Anjuman Moin-U complex, opposite SNM Hospital in Leh, which was sealed during the investigation.
The ED discovered that Mir and his associates enticed residents of Ladakh and other regions to invest in “Emollient Coin” through cash transactions or bank transfers. Investors were further misled with promises of high returns on “Bitcoins” and commissions for referring new participants, creating a multi-level marketing scheme.
The investigation revealed that the fraudulent company, incorporated in London in September 2017, had two Indian promoters, Naresh Gullia and Channi Singh. The company was deliberately dissolved in March 2019, following which Mir and Ajay Kumar Choudhary used the ill-gotten funds to launch a real estate venture in Jammu.
The ED’s actions mark a significant step in tackling financial crimes in remote regions, reflecting the agency’s commitment to protecting investors and upholding the law. Further investigations are underway to trace the laundered funds and bring all culprits to justice.
