ED’s first raid in Leh Ladakh region in fake cryptocurrency business case
The Enforcement Directorate (ED) initiated its first search operation in Leh on Friday under the ambit of the Prevention of Money Laundering Act (PMLA). The operation is linked to investigations into a fraudulent cryptocurrency business.
Officials from the Srinagar wing of the ED are overseeing these searches, marking the first such enforcement action in Ladakh.
“Searches are underway in connection with the cryptocurrency business and are being conducted at six premises simultaneously in Leh, Sonipat (Haryana), and Jammu.
“The searches are being carried out at the business premises of M/S A.R.Mir and others under the Prevention of Money Laundering Act (PMLA). Thousands of investors have invested money in fake currency namely ‘Emollient Coin’ and these investors have got nothing in return,” the officials said.
“Several FIRs are registered in Leh and there are several complaints in J&K. Promoters of the fake currency business are covered under today’s search operation,” officials said.
The ED sleuths carrying out these searches are being assisted by the CRPF and the local police at various locations where searches are currently underway.
Despite the region’s tax holiday status, the ED’s move underscores its commitment to combating financial crimes, particularly related to digital currencies.
The operation aims to gather evidence and ascertain the extent of financial irregularities allegedly perpetrated through the fake cryptocurrency enterprise.
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