ED Conducts First Raid In Leh In Fake Cryptocurrency Business Case

2024-08-02 12:45:14

(MENAFN- IANS) Srinagar, Aug 2 (IANS) The Enforcement Directorate on Friday launched its first-ever search operation in Ladakh's Leh under the provisions of the Prevention of Money Laundering Act (PMLA) in connection with a fake Cryptocurrency business.

Officials said that these searches being conducted by the Srinagar wing of the ED are the first of its kind in the Ladakh region which otherwise enjoys a tax holiday.

“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 R 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.

The ED officials said details would be shared with the media after the conclusion of the day's search operation.

MENAFN02082024000231011071ID1108509263

Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.