The Enforcement Directorate's recent operations in Ladakh marked their first major intervention against cryptocurrency fraud in the region, highlighting a sophisticated scam involving the fictitious "Emollient Coin". This case revolves around a well-orchestrated scheme where over 2,508 investors were duped into depositing upwards of Rs 7.34 crore. The scam entailed fictitious returns on investments, which were instead funneled into land purchases and real estate by the fraudsters, chiefly A R Mir and his associates.
For a deeper understanding of the various investment scams, including notorious Fake ICOs like the Emollient Coin scam uncovered in Ladakh, visit our detailed section on Investment Scams. This resource offers insights into the patterns and characteristics of different fraudulent schemes, aiding investors in recognizing and avoiding similar traps.
The scam began with the establishment of Emollient Coin Limited in September 2017, accelerating through deceitful promotions until the Enforcement Directorate's intervention in 2024. This timeline reflects the duration over which the perpetrators operated unchallenged, amassing significant sums from unsuspecting investors primarily across the northern regions of India.
The comprehensive investigation reveals a calculated scam orchestrated by A R Mir and his collaborators, involving the fictitious Emollient Coin and duping over 2,500 investors. The funds were illegally funneled into real estate ventures, showcasing a typical cryptocurrency investment scam setup, which was eventually exposed by the Enforcement Directorate’s proactive raids across multiple locations.
