SRINAGAR: The High Court of Jammu and Kashmir and Ladakh has dismissed the anticipatory bail plea of former Army hawaldar Naresh Kumar Gulia, accused of masterminding a multi-crore cryptocurrency scam that spanned India and Southeast Asia.
Justice Mohammad Yousuf Wani, in a detailed 19-page order, ruled that Gulia is “involved in a heinous and multi-dimensional economic scam” and cannot claim “the extraordinary concession of pre-arrest bail.” The court said his petition, filed under Section 482 of the Bharatiya Nagarik Suraksha Sanhita, 2023, lacked proximity to the court’s jurisdiction and did not meet the conditions warranting pre-arrest relief.
The Enforcement Directorate (ED) accuses Gulia of being the central figure behind the now-defunct “Emollient Coin” Ponzi scheme, which allegedly defrauded 2,508 investors across Jammu, Leh, Sonipat, and countries like Vietnam and Cambodia. Gulia is believed to have laundered over Rs 6 crore and evaded ED summons, last traced to Thailand. A raid on his Sonipat residence in August 2024 recovered Rs 91 lakh in cash.
Rejecting his claim of parity with co-accused who secured bail, the court held his custodial interrogation essential. “Liberty must be balanced with society’s larger interest,” the bench observed, dismissing his plea outright.
