Rs 1 Crore Seized in Crackdown on Fake Crypto Scam in Ladakh

The Enforcement Directorate seized Rs 1 crore and incriminating documents in a crackdown on a fake cryptocurrency investment company that defrauded people in Ladakh and other areas. The company, named Emollient Coin Limited, promised to double investments in 10 months but laundered the money instead.

The Enforcement Directorate has announced the seizure of Rs 1 crore in cash along with several incriminating documents during raids on a fake cryptocurrency investment company. These operations, executed in Leh, Jammu, and Sonipat, mark the first of their kind in Ladakh.

The company, Emollient Coin Limited, allegedly assured investors that their funds would double within 10 months. However, the promises turned out to be fraudulent, resulting in substantial financial losses for innocent people.

Officials confirmed that the money laundering scheme was first reported in March 2020 by the Jammu and Kashmir Police. The seized funds and documents indicate that the fraudulently collected money was spent on personal luxuries and real estate.