On August 2, 2024, the Directorate of Enforcement (ED) conducted search operations at six locations in Leh (UT of Ladakh), Jammu, and Sonipat, Haryana. These searches were part of an investigation into a fraudulent scheme involving a fake cryptocurrency called Emollient Coin. This scheme, which promised investors doubled returns in just ten months, was promoted by Naresh Gulia from Sonipat through a UK-based company, M/s. Emollient Coin Limited, established in 2017. The scheme was further marketed in Leh by Ajay Kumar Chaudhary, Charanjeet Singh, and Attiul Rehman Mir.

The investigation followed an FIR filed by J&K Police under section 420 of IPC against Attiul Rehman Mir and others for cheating. The ED's probe revealed that the fraudsters not only misled investors but also laundered the collected funds for personal use and acquisition of properties. During the searches, the ED seized Rs 1 crore in cash, along with incriminating documents, property records, and digital devices.