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Officials said the searches carried out by the Enforcement Directorate's Srinagar unit were the first of their kind in Ladakh, which originally enjoyed a tax holiday.
The raids related to the cryptocurrency business are ongoing and are being conducted simultaneously at six locations in Leh, Sonipat (Haryana) and Jammu.
The Enforcement Directorate on Friday launched its first raid under provisions of the Prevention of Money Laundering Act (PMLA) in Leh, Ladakh, in connection with a fake cryptocurrency business.
Officials said the searches carried out by the Enforcement Directorate's Srinagar division were the first of their kind in the Ladakh region, which originally enjoyed a tax holiday.
“Raids related to cryptocurrency businesses are ongoing and are being conducted simultaneously at six locations in Leh, Sonipat (Haryana) and Jammu.
“Searches are being carried out at the business premises of M/S ARMir and other companies under the Prevention of Money Laundering Act (PMLA). Thousands of investors invested their money in fake currency, i.e. “moisturizing coins” and these investors And got nothing in return,” officials said.
“Several FIRs have been registered in Leh and several complaints have been lodged against J&K. The promoters of the counterfeit currency business have been named in today's raids,” officials said.
Emergency room detectives conducting these searches are being assisted by the Central Police Force and local police at the various locations where searches are currently being carried out.
Officials from the Education Bureau said that detailed information will be shared with the media after the day's search operation is completed.
(This article has not been edited by News18 staff and is published by IANS, the associated news agency)
