The Enforcement Directorate (ED) conducted its first-ever raid in the Leh Ladakh region under the provisions of the Prevention of Money Laundering Act (PMLA) to investigate a fraudulent cryptocurrency scheme, ED sources revealed today. The agency carried out raids at six locations across Leh in Ladakh, Jammu in Jammu and Kashmir, and Sonipat in Haryana, targeting A R Mir and others involved in the case.
It is alleged that thousands of investors put their money into a fake cryptocurrency called “Emollient Coin” but never received the currency or any returns. Multiple FIRs have been filed in the Leh region, along with complaints from Jammu and Kashmir, which prompted the PMLA investigation.
According to a complaint from the Additional District Magistrate of Leh, an FIR (No. 16/2020) dated 5th March 2020 was registered under Section 420 of the IPC by the Jammu and Kashmir Police at Leh Police Station against A R Mir and Ajay Kumar Choudhary.
A R Mir and his associates are accused of operating a fraudulent cryptocurrency business under the name “Emollient Coin Limited” from an office located near SNM Hospital in Leh. The ED has sealed this office, accusing them of deceiving numerous individuals with false promises of doubling their investments.
“Emollient Coin Limited” was incorporated on September 28, 2017, with its registered office in London. The company was promoted in India by Mr. Naresh Gullia and Mr. Channi Singh.
ED sources also revealed that A R Mir and Ajay Kumar Choudhary used funds generated through Emollient Coin Limited to start a real estate business and acquired various properties in Jammu.
