The Enforcement Directorate (ED) of Srinagar, India has launched its first search operation in the Leh-Ladakh region, revealing a staggering ₹7.34 crore ($876K) scam involving a fake cryptocurrency. On Friday, ED officials raided six locations across Leh, Jammu, and Sonipat, targeting a dubious scheme masquerading as an investment opportunity under the name “Emollient Coin.” 
The scheme, spearheaded by AR Mir and Ajay Kumar Choudhary, duped thousands of investors who poured their hard-earned money into what they were led to believe was a lucrative cryptocurrency. Naresh Gullia and Channi Singh were the company’s two promoters in India. 
Promises of up to 40% returns after a 10-month lock-in period, combined with a multi-level marketing structure, lured individuals into investing in the fraudulent Emollient Coin. Investors could make payments in cash, bank transfers, or Bitcoin through a mobile app, making the scam all the more convincing. They also promised a commission of up to 7% of the investment made by people they referred to the business. 
The operation’s shockwaves were felt as the ED uncovered that 2,508 individuals had collectively invested $876,000 (₹7,34,36,267) according to a local news media <a href="https://timesofindia.indiatimes.com/india/first-ever-search-ed-raids-ladakh-in-cryptocurrency-fraud-case/articleshow/112214365.cms" target="_blank" rel="noreferrer noopener nofollow">report</a>. Despite their financial commitment, these investors have yet to see any returns or even the promised cryptocurrency. This revelation has led to numerous FIRs being lodged in Leh, alongside a surge of complaints in Jammu and Kashmir. 
The investigation, prompted by a complaint from the Additional District Magistrate, found that the fraudulent activities had been conducted from an office in Anjuman Moin-Ul Complex in Leh. The local district magistrate’s committee, having deemed the office responsible for “cheating many innocent individuals, by assuring them to double their investment” ordered its closure. 
This scam began in September 2017 with a registered office in London and was dissolved in March 2019. However, the perpetrators continued their deceptive practices, shifting their focus to real estate. They invested the stolen funds in properties in Jammu, further complicating the trail of their financial misconduct. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/08/02/what-went-wrong-with-wazirx-indias-biggest-crypto-hack/" target="_blank" rel="noreferrer noopener">What Went Wrong with WazirX? Unraveling India’s biggest crypto hack</a> 
</blockquote>

India’s ED Hunts Down Leh Ladakh’s $876K Crypto Scam

The Crypto Times

Other articles published on Aug 2, 2024

Bitcoin Struggles To Surpass $70K, Yet Maintains Positive Stance

Positive Signals from FED Member Goolsbee: “When a Rate Cut Is Made, It’s Usually Not Just One”

Hong Kong Police Arrest Four, Including 14-Year-Old, for Counterfeit Crypto Scam

Solana Trading Volume Has Experienced a Significant Increase in the Last 7 Days! Here's Why!

Machine Learning Forecasts XRP Decline

US National Debt Surpasses $35 Trillion, Sparking Bitcoin Adoption as Safe-Haven Asset

Join our free newsletter for daily crypto updates!