India's ED has launched searches against the founders of Emollient Coin, a dubious cryptocurrency that promised investors huge profits.

🔍 2,508 investors lost about 7,343,6267 INR ($890,000), hoping for returns of up to 40% in 10 months.

The scheme included referral bonuses of up to 7%, typical of multi-level marketing scams.

The scam operated through a mobile application, attracting funds through bank transfers and crypto exchanges.