Srinagar: For the first time in the Union Territory of Ladakh, the Enforcement Directorate executed raids on Friday as part of its investigation into money laundering associated with a fraudulent cryptocurrency scheme, authorities reported.
The department searched at least six locations in Leh in Ladakh, Jammu in J&K, and Sonipat in Haryana concerning A R Mir and associates.
It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of “Emollient Coin Limited”. They, however, did not get any returns or currency back, and these funds were laundered by the business’ promoters to purchase land assets in Jammu.
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“The Emollient Coin Limited” was incorporated on September 28, 2017, with its registered office in London. Mr. Naresh Gullia and Mr. Channi Singh were its promoters in India.
Sources from the Enforcement Directorate, further revealed that the person under investigation, Mr. A. R. Mir, along with Mr. Ajay Kumar Choudhary, started a real estate business. The duo acquired various lands in Jammu, from the fund generated through Emollient Coins Limited.
The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary.