Dubious investment plan named ‘Emollient coin’ reported to have cheated more than 1200 people of around ₹70 crores, by promising to double their investment in a period of time in Leh.

One local alleged to have been involved in misleading the investors by offering high returns within a stipulated time period. Lured by the easy money-making option, people in large number invested without doing any prior research and were duped. As per the information of investors many have invested by taking loans, selling land and vehicles. People have invested ₹ 10,000 to ₹ 56 lakh, clueless about the promised returns.

One among the investor named Tsering Paldan, “I was not aware of such scam and have invested around ₹ 3 lakh on a promise to get it double in three months. The mobile application on which the whole system works has stopped working and the person under whom I invested is nowhere to be reached”.

“It’s my humble appeal to the administration to look it into the matter and booked the person under the law”, he added.

The dubious investment plan, ‘Emollient coin’ offering high returns in short term was operated by the alleged local openly by setting up an office. Along with people, it seems that the administration and police were also not proactive on such fraudulent investment schemes. 

Tundup Nurboo said, “The concerned person under whom many people invested promised to give the full amount during the withdrawal time but now the person can’t be reached.”

A group of people also met Sachin Kumar Vaishya, DC, Leh regarding the matter on February 29.  

A committee lead by Additional Deputy Commissioner, Leh was formed to look into the matter.

Sachin Kumar said, “We are into the action and team of officers who are in the committee are finding all the detail and facts. The report of the same will be submitted in a day or two based on which police action will be taken. At present we are taking every needed action along with the seizure of the alleged person house.”

When asked about prior action or intervention by the administration regarding the dubious plans or schemes, he said that the administration will only get to know if people come and discuss in the very beginning. He stressed on being more proactive, vigilant and well aware of such scams and frauds.