The Enforcement Directorate (ED) announced on Sunday that Rs 1 crore in cash and “incriminating” documents were seized following raids on operators of a “fake” cryptocurrency investment scheme that defrauded people in Ladakh and other regions.
The raids, conducted on August 2 in Leh, Jammu, and Sonipat in Haryana, were the first such operations by the ED in Ladakh. The investigation is focused on a fraudulent scheme that promised to double investments within 10 months through a fake cryptocurrency called Emollient Coin.
According to the ED, the fake cryptocurrency was promoted by Naresh Gulia from Sonipat through a company named Emollient Coin Limited, incorporated in the UK in September 2017. The scheme was marketed in Leh by Ajay Kumar Chaudhary and Charanjeet Singh alias Chunni from Jammu, along with Attiul Rehman Mir from Leh. Investors were guaranteed returns and commissions from this fake cryptocurrency investment, the ED alleged.
The money laundering probe originated from a March 2020 FIR filed by the Jammu and Kashmir Police. The ED reported that the funds collected from this fraudulent scheme were laundered and used for personal expenses and the acquisition of various properties and assets by the accused.
During the searches, the ED seized Rs 1 crore in cash, along with numerous incriminating documents, property papers, and digital devices. The specific locations or premises from which these items were seized were not disclosed.
