Enforcement Directorate Raids Expose Rs 7 Crore Cryptocurrency Fraud in Ladakh

The Enforcement Directorate (ED) conducted its first raids in Ladakh on Friday, targeting a cryptocurrency fraud involving over 2,500 investors and Rs 7 crore. Investigators raided several premises linked to A R Mir and associates. The probe stemmed from a 2020 FIR, revealing funds laundered into real estate assets in Jammu.

In a significant crackdown on cryptocurrency fraud, the Enforcement Directorate (ED) conducted its first-ever raids in Ladakh on Friday. The searches were part of a money laundering probe into a scheme where investors lost more than Rs 7 crore in deposits.

The ED's zonal office raided at least six locations in Leh, Jammu, and Sonipat, targeting premises linked to A R Mir and his associates. The fraudulent scheme, known as 'Emollient Coin Limited,' duped 2,508 investors by promising high returns but failing to deliver.

The case originated from a March 2020 FIR in Leh, pointing to Mir and Ajay Kumar Choudhary. The investigation revealed that the funds were laundered and used to purchase land assets in Jammu. According to the ED, the multi-level marketing scheme promised up to 40 per cent returns and lured investors with a commission-based structure.

(With inputs from agencies.)