The Indian Enforcement Directorate (ED) has taken decisive action against a major crypto fraud ring, Emollient Coin. In a landmark move, ED raided six locations across Ladakh, Jammu and Kashmir, and Haryana. This investigation is tied to a money laundering case where over 2,500 investors lost more than $876.43K.

Emollient Coin Limited, incorporated in London in 2017, with Henry Maxwell as its director, lured investors with promises of doubling their investments. Instead, AR Mir, one of the accused, used the funds to buy real estate in Jammu before shutting down the company.

The scam came to light after multiple complaints led to a probe by the local district magistrate, resulting in the office being sealed for deceiving investors with promises of high returns and commissions.

This development adds to India's growing concerns over crypto fraud, coming on the heels of the WazirX hack, which drained $234 million. WazirX has sought assistance from former partner Binance to help affected customers.

Stay vigilant and always research before investing in any crypto project!

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