1 Crore Seized by ED from Fake Crypto Investment Company

The Enforcement Directorate (ED) has seized Rs.1 crore in cash and important documents after raiding operators of fake cryptocurrency investment companies. This company tricked people in Ladakh and other areas. Raids took place on August 2 in Leh, Jammu and Sonipat in Haryana under the Prevention of Money Laundering Act (PMLA). This was the first time ED conducted searches in Ladakh.

The investigation is about a scam where people were promised that their money would double in 10 months if they invested in a fake cryptocurrency called Emollient Coin. ED said Naresh Gulia from Sonipat promoted this fake cryptocurrency through a company called Emollient Coin Limited, which was set up in the United Kingdom in September 2017.

Ajay Kumar Chaudhary and Charanjeet Singh from Jammu along with Attiul Rehman Mir from Leh, helped promote business in Leh. They assured investors that their money would double in 10 months. They promised a fixed commission for marketing fake cryptocurrency.

The scam was initially reported in March 2020 by Jammu and Kashmir Police. ED found that money from this fake business was used for personal expenses. It was also used for buying properties and other assets. During searches, ED seized Rs.1 crore in cash. They also took property documents and digital devices. ED did not specify where cash and documents were found.