ED Seizes Rs 1 Crore in Cryptocurrency Scam Involving AR Mir
The Directorate of Enforcement (ED) in Srinagar conducted searches at six locations in Leh, Jammu, and Sonipat (Haryana) in connection with a cryptocurrency scam. They seized Rs 1 crore in cash, incriminating documents, and property records.
According to the ED, the searches were conducted earlier this week in a money laundering case against AR Mir and others. The case involves the alleged cheating of innocent people by falsely influencing them to invest in a fake cryptocurrency named ‘Emollient Coin’.
During the search operations on August 2, various incriminating documents, property documents, digital devices, and Rs 1 crore in cash were recovered and seized.
Doubts Revealed
ED -: ED stands for the Directorate of Enforcement. It is a government agency in India that fights financial crimes like money laundering.
Rs 1 Crore -: Rs 1 Crore is a large amount of money in India. It is equal to 10 million rupees.
Cryptocurrency -: Cryptocurrency is a type of digital or virtual money that uses special technology to be secure. It is not controlled by any government.
Scam -: A scam is a dishonest plan to cheat people and take their money.
Srinagar -: Srinagar is a city in the northern part of India, in the region of Jammu and Kashmir.
Leh -: Leh is a town in the northern part of India, in the region of Ladakh.
Jammu -: Jammu is a city in the northern part of India, in the region of Jammu and Kashmir.
Sonipat -: Sonipat is a city in the northern part of India, in the state of Haryana.
AR Mir -: AR Mir is a person involved in the scam. He and others tricked people with a fake cryptocurrency.
Emollient Coin -: Emollient Coin is the name of the fake cryptocurrency that was used to cheat people.
Incriminating documents -: Incriminating documents are papers that show someone has done something illegal.
Digital devices -: Digital devices are electronic gadgets like computers, phones, and tablets.