In a significant move, the Enforcement Directorate (ED) has initiated its first-ever search operation in the Leh Ladakh region as part of its crackdown on a fake cryptocurrency business. Acting under the provisions of the Prevention of Money Laundering Act (PMLA), the ED Srinagar branch is delving into the operations of M/s A R Mir and others in relation to the fraudulent cryptocurrency scheme.
The ongoing search operation conducted by the probe agency spans across six locations in Leh, Jammu, and Sonipat, marking a decisive step in unearthing the complexities surrounding this counterfeit cryptocurrency business. The case revolves around ’emoillent coin,’ a digital currency in which thousands of investors placed their money, only to be left without returns or the currency itself. Numerous FIRs have been registered in the Leh region, alongside a multitude of complaints in Jammu and Kashmir, highlighting the extent of the fraudulent activities.
By launching the search operation, the ED aims to bring the perpetrators behind this deceitful business to justice. This action underscores the agency’s commitment to protecting investors and curbing financial malpractices that exploit unsuspecting individuals.
In a related development, the ED made headlines on July 26 with the arrest of two individuals allegedly connected to the funding of subversive activities of the Pro-Pakistan terrorist organization Hizbul Mujahideen in Jammu. The arrests were made under the provisions of the PMLA in a case involving narco-terrorism. The apprehended accused, identified as Arshad Ahmed Allie and Fayaz Ahmed Dar, were brought before the Special Court (PMLA) in Jammu, which granted the ED custody for five days.
The ED’s actions in Jammu demonstrate its unwavering commitment to tackling terrorism financing and disrupting illicit networks that pose a threat to national security. By targeting the financial aspect of terrorism, the agency aims to cripple the activities of such organizations and diminish their capacity to carry out harmful operations.
In both the Leh Ladakh search operation and the Jammu arrest, the ED showcases its determination to combat financial crimes and uphold the rule of law. By invoking the PMLA, the agency demonstrates its intent to penalize those engaging in money laundering and fraudulent activities, sending a clear message that illegal financial practices will not go unchecked.
As the search operation in Leh continues, the ED remains poised to uncover valuable evidence and unravel the intricate web of this fake cryptocurrency business. The ongoing investigation serves as a cautionary tale to potential fraudsters, reiterating that their actions will not go unpunished.
With their relentless pursuit of justice and proactive measures to safeguard financial integrity, the ED is steadfast in its mission to maintain transparency, protect investors, and maintain the sanctity of the nation’s financial system.
