India’s Crypto Raid Reveals Major Fraud in Ladakh
India’s Enforcement Directorate (ED) has made a significant breakthrough in its investigation into fraudulent cryptocurrency activities in the Leh Ladakh region. Under the Public Money Laundering Act (PMLA), the ED executed its first-ever raid, targeting six locations across Leh in Ladakh, Jammu in J-K, and Sonipat in Haryana. The focus of the operation was on A. R. Mir and his associates, who are alleged to have defrauded thousands of investors through a fake cryptocurrency called “Emollient Coin.” Shockingly, the victims received neither currency nor returns on their investments. The scam was first reported in March 2020, leading to the filing of an FIR against A. R. Mir and Ajay Kumar Choudhary. According to the allegations, the fraudulent scheme was operated from their office in Leh near SNM Hospital, which has since been sealed. Numerous complaints have been registered from different regions, shedding light on the extent of the fraud. Emollient Coin Ltd., the company behind the scam, was established in London in September 2017 and was promoted in India by Naresh Gullia and Channi Singh. The investigation also revealed that Mir and Choudhary had used the funds obtained from the scam to invest in real estate in Jammu.