Leh-Ladakh region sees first-ever ED search

NEW DELHI: The ED's Srinagar zonal office conducted its first ever searches in the Leh-Ladakh region when on Friday it searched premises of an accused, A R Mir, who had allegedly cheated thousands of investors by offering them high returns on investment in crypto currency called Emollient Coin. The searches were across Ladakh, Jammu and Sonipat at six premises.

The money laundering probe is based on several FIRs registered in the Leh & J&K. The proceeds of crime were invested in land purchased in Jammu. A London-based firm is also under investigation for having connections with cryptocurrency fraud. The police FIR, registered in Leh police station in March 2020 against Mir and his other associates, revealed the accused had launched a multi-level marketing offering incentives to people to bring in clients to invest in the fake cryptocurrency.

According to sources, more than Rs 7 crore was collected by the accused using unfair means.


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