ED Raids Uncover Rs 1 Crore and Incriminating Documents from Fake Cryptocurrency Firm

New Delhi, Aug 4: In a significant crackdown on a fraudulent cryptocurrency investment scheme, the Enforcement Directorate (ED) seized Rs 1 crore and several incriminating documents during raids on August 2. The operations targeted locations in Leh, Jammu, and Sonipat in Haryana, under the Prevention of Money Laundering Act (PMLA).

This marks the first instance of the federal anti-money laundering agency conducting searches in Ladakh. The investigation revealed that innocent people, including residents of Leh, were deceived with promises of doubling their investments within ten months through a fake cryptocurrency called Emollient Coin.

According to the ED, Naresh Gulia of Sonipat orchestrated the scheme through Emollient Coin Limited, a company established in the UK in September 2017. Ajay Kumar Chaudhary, Charanjeet Singh alias Chunni from Jammu, and Attiul Rehman Mir from Leh promoted the scam in Leh. Investors were misled into believing that their investments would double in ten months and that they would earn a fixed percentage commission through marketing the bogus cryptocurrency.

The money laundering probe originated from an FIR filed by the Jammu and Kashmir Police in March 2020. The ED stated that the money collected from this fraudulent scheme was laundered and used for personal expenses and the acquisition of various immovable properties and assets by the accused.

The raids resulted in the seizure of Rs 1 crore in cash, multiple incriminating documents, property papers, and digital devices. The agency, however, did not specify from which exact locations the cash and documents were recovered.