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| HC reject pre-arrest bail in PMLA of Master-Mind in fake Cryptocurrency case | | | Early Times Report
Jammu, July 15: Justice Mohd Yousaf Wani of Jammu & Kashmir and Ladakh High Corurt rejected the pre-arrest bail of Naresh Kumar Gulia who is master-mind in fake Cryptocurrency case of Ladakh in which ED has registered a complaint.
According to the facts of the case is that a Based on a complaint received from the Additional District Magistrate, Leh, an FIR No. 16/2020 dated 05-03-2020 was registered under section 420 of IPC, 1860 by the Police at Police Station Leh against Mr. A. R. Mir S/o Aziz Mir, Mr. Ajay Kumar Choudhary S/o Satpal Choudhary & Others. As per the said FIR, an inquiry was conducted by the committee constituted by District Magistrate Leh against Mr. 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 said 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 (Ladakh) 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/- Crore (approx.). However, during the course investigation, Proceeds of Crime are estimated to the tune of Rs. 16.81 Crore. The estimation has been calculated as per the material in shape of bank account statements, ITRs and statement recorded under Section 50 of Prevention of Money Laundering Act, 2002. During the course of investigation, it is revealed 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 Mr. Henry Maxwell R/o 110, Theydon Street Walthamstow, London, UK, was the Director of the said company. In India, the company was represented by Mr. Naresh Gulia i.e. the applicant (Promoter in India & Abroad) & Mr. Chani Singh (Promoter in North India). Further, during the course of investigation, it was revealed that Shri Naresh Gulia i.e. the applicant was the actual mastermind who was the promoter and managed the company “The Emollient Coin Limited” for running the business of selling the fake cryptocurrency “Emollient Coins” and chain (multi-level) marketing business. He also designed and managed a fake mobile application “Emollient Coin” for the said fraud scheme, which was under the control of Naresh Gulia. However, the said company was deliberately struck off & dissolved on 05-03-2019. Thereafter, with ill intention, the applicant. Incorporated another company “M/s Tec Coin Limited” (registration no. 11903739) on 25th March 2019 with its registered office at the abovesaid common address where the Emollient Coin Limited was registered i.e. 90, Paul Street, Old Street, Shoreditch, London, UK to run the said Ponzi scheme of fake cryptocurrency “Emollient/ TEC Coin”. In September 2019, the value of said fake coin was deliberately driven down by the applicant before the completion of lock-in period and the said mobile application suddenly stopped working in the month of October-November 2019. Thus, applicant has cheated hundreds of gullible people who lost their hard-earned money. however, the company was also struck-off or dissolved on 12-01-2021.
Justice Mohd Yousaf Wani after hearing Advocates Adwait Singh Sirohi, Hemant Mishra and Mr. Abid Khan for the applicant whereas DSGI Vishal Sharma for the ED, while rejecting the application observed that 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, by dragging them to the bogus “crypto currency/Emollient Coin” Ponzi Scheme. The petitioner is alleged to have absconded during investigation of the case and to have 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. (JNF) |
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