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Russia is close to starting trials for cryptocurrency exchanges and digital token payments for cross-border transactions, Bloomberg reported Monday. The trials, which are set to begin on Sept. 1, aim to alleviate payment difficulties for Russian companies impacted by international sanctions, according to sources familiar with the matter. The trials will use the National Payment Card System to facilitate conversions between rubles and cryptocurrencies and to test payment and exchange platforms. Established by the central bank in 2014, this system, which already oversees domestic interbank payments and Mir cards, was chosen for its existing infrastructure and regulatory framework. In July, the Russian parliament passed legislation to legalize crypto mining and establish a framework for experimenting with digital tokens for cross-border transactions under central bank supervision. President Vladimir Putin signed these bills into law on Aug. 8. This move to explore cryptocurrency options comes as Russian businesses face increasing challenges in making and receiving payments for overseas transactions due to heightened sanctions from the U.S. government.

India’s Enforcement Directorate (ED) has initiated a search operation against the founders of Emoillent Coin, a fraudulent cryptocurrency that lured investors with promises of substantial returns. Local media reports indicate that 2,508 investors in India lost a combined total of ₹73,436,267 (approximately $890,000) in their quest to capitalize on the cryptocurrency boom. The dubious coin, marketed as “Emollient Coin Limited,” attracted users by offering up to 40% returns for locking their investments over ten months. Additionally, a multi-level referral scheme promised up to 7% commissions for recruiting new investors, a common tactic in pyramid schemes. Such referral schemes typically involve continuous recruitment under the guise of investing in a promising, yet non-existent project. Once a significant number of participants are onboard, the scammers vanish with the funds. Emoillent Coin’s perpetrators operated via a mobile application, soliciting funds through bank transfers, cryptocurrency exchanges, and direct cash payments. They capitalized on Bitcoin’s popularity to persuade users into investing. Emollient Coin Limited, which maintained a local office but falsely claimed a London base, was led by Henry Maxwell. Active from 2017 to 2019, the scam ended with the deliberate dissolution of the fraudulent company, leaving investors with substantial losses. The ED alleges the scammers used the stolen funds to acquire land assets. Prompted by multiple complaints filed in 2020 with the Additional District Magistrate in Leh, a northern Indian town where the scam was centered, the ED launched a search operation. The accused — A R Mir, Ajay Kumar Choudhary, and two other promoters — face charges of defrauding numerous individuals. Under the Prevention of Money Laundering Act (PMLA), the ED has seized offices and assets linked to the scheme.

India’s Enforcement Directorate (ED) has executed its inaugural raid in the Leh Ladakh region to investigate fraudulent cryptocurrency activities under the Public Money Laundering Act (PMLA). The operation targeted six locations across Leh in Ladakh, Jammu in J-K, and Sonipat in Haryana, focusing on A. R. Mir and his associates. Allegations suggest thousands of investors were defrauded through a fake cryptocurrency named “Emollient Coin,” with no currency or returns provided. An FIR from March 2020 was filed against A. R. Mir and Ajay Kumar Choudhary, accusing them of running the fraudulent scheme from their Leh office near SNM Hospital. The office has been sealed, and complaints from various regions have been noted. Emollient Coin Ltd. was established in September 2017 in London, and promoted in India by Naresh Gullia and Channi Singh. The investigation revealed Mir and Choudhary used funds from the scam to invest in real estate in Jammu.

India’s Enforcement Directorate (ED) has executed its inaugural raid in the Leh Ladakh region to investigate fraudulent cryptocurrency activities under the Public Money Laundering Act (PMLA). The operation targeted six locations across Leh in Ladakh, Jammu in J-K, and Sonipat in Haryana, focusing on A. R. Mir and his associates. Allegations suggest thousands of investors were defrauded through a fake cryptocurrency named “Emollient Coin,” with no currency or returns provided. An FIR from March 2020 was filed against A. R. Mir and Ajay Kumar Choudhary, accusing them of running the fraudulent scheme from their Leh office near SNM Hospital. The office has been sealed, and complaints from various regions have been noted. Emollient Coin Ltd. was established in September 2017 in London, and promoted in India by Naresh Gullia and Channi Singh. The investigation revealed Mir and Choudhary used funds from the scam to invest in real estate in Jammu.

India’s Enforcement Directorate (ED) has executed its inaugural raid in the Leh Ladakh region to investigate fraudulent cryptocurrency activities under the Public Money Laundering Act (PMLA). The operation targeted six locations across Leh in Ladakh, Jammu in J-K, and Sonipat in Haryana, focusing on A. R. Mir and his associates. Allegations suggest thousands of investors were defrauded through a fake cryptocurrency named “Emollient Coin,” with no currency or returns provided. An FIR from March 2020 was filed against A. R. Mir and Ajay Kumar Choudhary, accusing them of running the fraudulent scheme from their Leh office near SNM Hospital. The office has been sealed, and complaints from various regions have been noted. Emollient Coin Ltd. was established in September 2017 in London, and promoted in India by Naresh Gullia and Channi Singh. The investigation revealed Mir and Choudhary used funds from the scam to invest in real estate in Jammu.