ED undertakes first-ever searches in Ladakh in crypto fraud case
Srinagar (PTI): In its first ever raids in the Union Territory of Ladakh, the Enforcement Directorate on Friday conducted searches as part of its money laundering probe linked to a cryptocurrency fraud case in which investors lost more than Rs 7 crore worth of deposits, officials said.
The agency's zonal office here raided at least six premises in Leh town of Ladakh, Jammu in J-K and Sonipat in Haryana in the case against A R Mir and others.
It is alleged that 2,508 investors deposited more than Rs 7.34 crore in a fake cryptocurrency business in the name of "Emollient Coin Limited". They, however, did not get any returns or currency back, and these funds were laundered by the business' promoters to purchase land assets in Jammu.
The money laundering case stems from a March 2020 FIR registered in Leh and some other complaints filed in the Union Territory (UT) of Jammu and Kashmir (J-K) against Mir and Ajay Kumar Choudhary.
Police in Leh in their FIR stated that an inquiry was conducted by a committee formed by the local district magistrate against Mir and his agents who were running the "fake" cryptocurrency business (Emollient Coin Limited) from a office located at the Anjuman Moin-Ul-complex, opposite SNM Hospital, in Leh.
The committee sealed this office during inquiry on charges of "cheating many innocent individuals by assuring them to double their investment", according to the FIR.
The accused lured people of the UT of Ladakh and some other places to purchase "Emollient Coin" using cash or transferring money into bank accounts, according to Enforcement Directorate (ED) officials.
The depositors were also duped in the name of "Bitcoins" with the assurance of returns up to 40 per cent with a lock-in period of 10 months, the probe agency said.
Investors were dished out a commission of up to seven per cent of the investment made by the people on their reference in the business, thereby forming a multi-level marketing chain, the ED found.
A total of 2,508 people invested Rs 7,34,36,267 in the investment plan offered by Mir and the company (Emollient) floated by him that was incorporated in September 2017 and had its registered office in London. A man, Henry Maxwell, living in the UK capital, was its director.
The company had two promoters in India -- Naresh Gullia and Channi Singh. The company was "deliberately" dissolved in March 2019, and Mir along with Choudhary launched a real estate business and acquired lands in Jammu from the funds generated by the fake cryptocurrency trade, according to the ED.
Let the Truth be known. If you read VB and like VB, please be a VB Supporter and Help us deliver the Truth to one and all.
India is the place for large-scale organic production, says Commerce Secretary
Nuremberg (PTI): India is the place for large-scale organic production and the country is keen to collaborate with the EU to strengthen this ecosystem to cater to rising demands, Commerce Secretary Rajesh Agrawal said here on Tuesday.
Agrawal also said that India's organic products exports have grown threefold over the last 10 years, and the government now aims to triple them again over the next five years.
"India is the place" to serve the world as a good organic food basket, he said, adding that India has 150.3 million hectares of agricultural land under cultivation.
He said that the organic ecosystem is growing very fast in the country, as today, 3 per cent of India's cultivation is organic.
In India, 4.7 million hectares of land is under organic cultivation, with 2.4 million farmers practising it, and it is only increasing by the day, he said.
The Secretary was speaking at the inauguration of Biofach 2026. About 100 exhibitors from 20 Indian states, including Assam, Meghalaya, and Kerala, are here to showcase their organic food products at the world's leading trade fair Biofach show (February 10-13).
He informed that India is emerging as a credible supplier of organic food, both within India and outside.
"I see this happening in a much faster manner. So if world needs the state for organic production, I think India is the place, and we like to work with all of you to see how we can improve the Indian organic food ecosystem to serve both the Indian rising demand within India and also the rising demand in two of our biggest markets," he said.
He called for creating credibility around organic foods. There is a need to ensure trust and credibility around the certification of these products.
India started with the national programme for organic production way back in 2001 and that was designed to adopt the international standards of organic goods.
"And now we are bringing in cooperatives in a big way," he said, adding that cooperatives can bring in and aggregate farmers to create good, viable organic ecosystem in various villages across the country.
