Excelsior Correspondent
JAMMU, July 15: High Court of Jammu & Kashmir and Ladakh has denied pre-arrest bail to Naresh Kumar Gulia, who is the master-mind in fake crypto currency case of Ladakh in which ED has registered a complaint.
Based on a complaint received from the Additional District Magistrate, Leh, FIR No. 16/2020 dated 05-03-2020 was registered under Section 420 of IPC at Police Station Leh against A R Mir, son of Aziz Mir, Ajay Kumar Choudhary, son of Satpal Choudhary and others.
As per the FIR, an inquiry was conducted by a committee constituted by District Magistrate Leh against A R Mir and his agents who were running an emollient coin business from the office located at Anjuman Moin-Ul-complex opposite SNM Hospital, Leh which was sealed by the committee for cheating many innocent individuals by assuring them to double their investment.
As FIR No. 16/2020 dated 05-03-2020 was registered under Section 420 of IPC which is a scheduled offense under Part-A, Paragraph 1 of Schedule to PMLA, 2002, an ECIR bearing No. ECIR/SRZO/02/2022 dated 25-03-2022 was recorded and investigation under PMLA, 2022 was initiated.
District Police Office Leh vide its letter dated 07.03.2022 informed that the scheduled offence has generated proceeds of crime by way investments made by 2508 investors to the tune of Rs 7,34,36,267. However, during the course investigation, proceeds of crime were estimated to the tune of Rs 16.81 crore.
During the course of investigation, it came to the fore that The Emollient Coin Limited (Registration No. 10987434) was incorporated on 28th September 2017 with its registered office at 90, Paul Street, Old Street, Shoreditch, London, UK, and Henry Maxwell R/o 110, Theydon Street Walthamstow, London, UK, was the Director of the company in India.
The company was represented by Naresh Gulia—applicant (Promoter in India & Abroad) & Chani Singh (Promoter in North India). Further, during the course of investigation, it was revealed that Naresh Gulia was the actual mastermind who was the promoter and managed the company “The Emollient Coin Limited” for running the business of selling the fake crypto currency “Emollient Coins” and chain (multi-level) marketing business.
He also designed and managed a fake mobile application “Emollient Coin” for the fraud scheme, which was under the control of Naresh Gulia. However, the company was deliberately struck off & dissolved on 05-03-2019. Thereafter, with ill intention, the applicant incorporated another company “M/s Tec Coin Limited” on 25th March 2019 to run the scheme of fake crypto currency.
After hearing Advocates Adwait Singh Sirohi, Hemant Mishra and Abid Khan for the applicant whereas DSGI Vishal Sharma for the ED, Justice Mohd Yousaf Wani observed, “the petitioner is alleged to be involved in heinous offences of economic nature by being connected with the proceeds of crime. He is alleged to have cheated thousands of people by luring them to part with their hard earned money under the false hope and expectation of high percentage of profit/commission”.
“The petitioner is alleged to have absconded during investigation of the case and has not turned up for cooperation with the investigating agency despite issuance of formal notices under law. The presence of the accused in custody before the Investigating Agency appears to be imperative in the facts and circumstances of the case for the logical and result oriented investigation in the case”, the court said while denying pre-arrest bail.
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