Fake cryptocurrency scam: ED seizes Rs 1 crore in Sonipat, Leh raids

CHANDIGARH: The Enforcement Directorate (ED) on Sunday claimed to have recovered Rs 1 crore in raids carried out in Sonipat and other places in connection with a fake cryptocurrency scam.

ED sleuths from its Srinagar zonal office conducted search operations at six locations — Leh, Jammu and Sonipat — under the provisions of Prevention of Money Laundering Act (PMLA), 2002.

The scam was promoted by Naresh Gulia, a resident of Sonipat, through a company named Emollient Coin Ltd, which was incorporated in September 2017. The business was further promoted in Leh by Ajay Kumar Chaudhary, in Jammu by Charanjeet Singh Chunni, and in Leh by Attiul Rehman Mir. They would promise to double people’s investment in 10 months.

ED initiated an investigation on the basis of an FIR registered by J&K Police under Section 420 of IPC against Mir and others.

Crypto fraud: ED seizes Rs 1-cr cash after raids in Leh, other places

The Enforcement Directorate seized Rs 1 crore and incriminating documents after raiding operators of a fake cryptocurrency investment company in Ladakh, Jammu, and Sonipat. The company, Emollient Coin Limited, allegedly cheated individuals by promising to double their investments in 10 months. The investigation follows a March 2020 FIR by Jammu and Kashmir Police.

Leh-Ladakh region sees first-ever ED search

The ED's Srinagar office conducted its first searches in Leh-Ladakh, investigating A R Mir, accused of defrauding investors with a fake cryptocurrency called Emollient Coin. Multiple raids took place in Ladakh, Jammu, and Sonipat. Over Rs 7 crore was collected through deceit, with proceeds invested in Jammu. FIRs were registered in Leh & J&K, also probing a London-based firm's involvement.

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An IIT professor's flight from Leh to Delhi on July 28 was cancelled due to high temperatures. The rare weather event disrupted flight operations at the high-altitude airport, with four flights cancelled on July 30. High temperatures decrease air density, affecting aircraft performance and prompting airlines to take precautionary measures to ensure safety.