ED undertakes first-ever searches in Ladakh in cryptocurrency fraud case
In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate on Friday conducted searches as part of its money laundering probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said.
The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others.
It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "Emollient Coin Limited". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu.
The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary.
Police in Leh in their FIR stated that an inquiry was conducted by a committ