Fake cryptocurrency: ED conducts first raid in Leh-Ladakh

New Delhi, August 2
The Enforcement Directorate (ED) on Friday conducted its first-ever raids in Leh-Ladakh region, as it searched six premises in Leh, Jammu and Sonepat in connection with a fake cryptocurrency case.
The fake business was allegedly being run by AR Mir and others. According to official sources, several investors had put in their money in a cryptocurrency called “Emoillent Coin”. However, after failing to receive returns, multiple FIRs were filed in Leh as well as in Jammu and Kashmir.
Based on a complaint from the Leh Additional District Magistrate (ADM), which named Mir and one Ajay Kumar Choudhary as accused, ED had launched the search operation.
Investigations by a panel formed by the district magistrate revealed that AR Mir and his agents were running a fake cryptocurrency business under the name “Emollient Coin Limited” from an office at the Anjuman Moin-Ul complex in Leh. Following the probe, the panel closed the office.
It was revealed that the accused enticed individuals into buying the fake cryptocurrency, Emollient Coin, through cash, bank transfers or Bitcoin exchange via a mobile app.
The scam promised investors returns of up to 40 per cent after a 10-month lock-in period. Additionally, investors were incentivised to recruit others, earning commissions of up to seven per cent for direct referrals.
This multi-level marketing structure offered further commissions of three per cent at the second level and one per cent for subsequent levels up to the tenth, creating a complex and deceptive financial web. — TNS