Jammu, Aug 2: In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate conducted searches as part of its money laundering probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits.
The agency’s zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others.
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.
The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory of Jammu and Kashmir against Mir and Ajay Kumar Choudhary.
Police stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the “fake” cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh.
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