It’s a shocking fact that local media have confirmed that a bitcoin scam has scammed 2,508 investors in India out of about ₹7.34 crore, which is about $890,000. Under the name “Emollient Coin Limited,” the scam promised returns of up to 40% for investments that would be locked in for ten months. Its misleading multi-level referral program was used to get people to spend.
A mobile app was used to get people to take part in the scam, which allegedly ran from 2017 to 2019. Promoters of Emollient Coin Limited asked for money in a number of ways, such as through bank transfers, cryptocurrency platforms, and direct cash payments. Like many multilevel marketing scams, this one counted on a growing group of new recruits. It all fell apart when the scammers disappeared with the money.
Scam Unveiled, Investigation Underway
Emollient Coin Limited lied and said it was based in London when it was actually run in the UK. A man named Henry Maxwell was found to be the brains behind the scam. Accounts say that the thieves shut down the business after getting significant investments, and they are said to have used the stolen money to buy land.
Several complaints were sent to the Additional District Magistrate in Leh, India, in 2020 about the scam. Leh is a town in northern India where the plan was based. The Enforcement Directorate (ED) then started an investigation, which led to the buildings and assets linked to the scam being seized under the Prevention of Money Laundering Act.
The suspects, who include A R Mir, Ajay Kumar Choudhary, and two other promoters, are now being charged with stealing from many people. The goal of the current investigation is to find out who stole the money and bring them to justice.
