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ED'S FIRST LADAKH RAID TARGETS CRYPTO FRAUDSTERS, RS 7 CRORE SIPHONED OFF
The Business Guardian
|August 03, 2024
Mir and Choudhary's cryptocurrency syndicate, "Emollient Coin Limited," defrauded investors of Rs 7.36 crore by promising high returns and using a multi-level referral scheme.
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In an unprecedented move, the Enforcement Directorate (ED) conducted its first-ever raid in Ladakh, targeting a cryptocurrency investment scam that defrauded over 2,508 investors of more than Rs 7 crore. The ED also carried out simultaneous searches in Leh, Jammu districts, and Sonipat, Haryana, early Friday morning. These actions were directed at premises linked to Leh residents A.R. Mir and Ajay Kumar Choudhary, who allegedly orchestrated the fraudulent scheme.
Mir and Choudhary operated a cryptocurrency syndicate under the guise of "Emollient Coin Limited," promising to double investors' money or return an assured 40 percent after a lockin period of ten months. The ED's money-laundering investigation originated from cases filed by Ladakh Police in March 2020, following an inquiry by then Leh district magistrate Sachin Kumar Vaishya.
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