The Enforcement Directorate (ED) has conducted raids for the first time in Srinagar Zone Leh-Ladakh region in the case of fake cryptocurrency. ED has raided six locations of M/s AR Mir and others under the provisions of PMLA. The strings of fake cryptocurrency are linked from Leh, Jammu to Sonipat in Haryana.
On Friday, ED raided and searched six locations in Leh, Jammu and Sonipat. Thousands of investors have invested money in fake currency i.e. imitation coin and have neither received returns nor currency. Many FIRs have been registered in Leh area regarding this. Along with this, many complaints have also been received in Jammu and Kashmir. ED has started a campaign to search for fake note traders and promoters.
Based on a complaint received from Additional District Magistrate, Leh, the Jammu and Kashmir Police had registered an FIR on March 5, 2020 against AR Mir son of Aziz Mir and Ajay Kumar Choudhary son of Satpal Choudhary under Section 420 of the IPC.
According to the FIR, a committee constituted by the District Magistrate of Leh had conducted an inquiry against AR Mir and his agents who were running a fake cryptocurrency business named Emollient Coin Limited from their office in Anjuman Moin-ul-Complex opposite SNM Hospital. The office of the accused has been sealed for duping innocent people by assuring them of doubling their investments.
2508 people invested more than Rs 7 crore
The accused lured innocent people into transferring or withdrawing money from their bank accounts to buy fake crypto emollients coins created by them. The said fake cryptocurrency was sold through their mobile application with the assurance of a return of up to 40 per cent, with a time limit of 10 months. However, this return could be reinvested in the same business.
Apart from this, people were also encouraged to get up to 7% commission on the investment made by them in the alleged emollients business, through which a chain (multi-level marketing) was created. In which 7% commission will be given on the first level, 3% on the second level and 1% on the third level, which will continue to be given till 10 levels.
Investigation has revealed that 2508 investors had invested a total of Rs 7 crore 34 lakh 36 thousand 267 in this investment scheme presented by AR Mir.
‘Bought land in Jammu from black money’
‘Emollient Coin Limited’ (Registration No. 10987434) was incorporated on 28 September 2017, with its registered office at 90, Paul Street, Old Street, Shadditch, London, UK and Henry Maxwell resident 110, Weedon Street Walthamstow, London, UK. He was also the director of this company. While in India this company was represented by Naresh Gulia and Channi Singh (South India).
According to the information, the company was deliberately closed in March 2019 and later dissolved. Apart from this, it has also been revealed that during the specified period, Ajay Kumar Chaudhary started a real estate business with AR Mir and bought many lands in Jammu and Kashmir with the funds generated from the fraud of bringing and selling investments in fake cryptocurrency.