Key Highlights
- The ED attached assets worth ₹55.5 crore in the alleged ATC Coin crypto investment fraud.
- The attached properties include 11 commercial units, four residential flats in Mumbai, and multiple bank accounts.
- Investigators allege the accused collected around ₹84 crore from investors by promoting the self-created cryptocurrency ATC Coin.
The Enforcement Directorate (ED) has provisionally attached assets worth ₹55.5 crore in connection with an alleged cryptocurrency investment fraud involving ATC Coin, accusing its promoters of running a scheme that promised investors unusually high and assured returns.
According to an official statement issued on July 12, the attachment covers 11 commercial galas (shops), four residential flats located in Mumbai, and bank account balances belonging to Jewria Services Club India Pvt. Ltd., Viva Card Retail Services Pvt. Ltd., Subhashchandra Ramratan Jewria, and Chirag Ramratan Jewria.
The action was taken under the Prevention of Money Laundering Act (PMLA), 2002, with investigators alleging the properties were acquired using proceeds generated from the alleged crypto investment scheme.
ED says ₹84 crore was raised through ATC Coin
The money laundering investigation stems from an Economic Offences Wing (EOW), Mumbai case registered in 2017, with the ED formally initiating its probe in 2021. Authorities said the EOW has already filed a chargesheet in the matter.
According to the ED, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria presented themselves as promoters of ATC Coin, a cryptocurrency allegedly created and marketed by them. Investigators allege the pair persuaded members of the public to invest by promising guaranteed returns, collecting approximately ₹84 crore from investors.
The agency further alleged that the money was deposited into the accounts of Jewria Services Club India Pvt. Ltd. before being routed through several company accounts, including Viva Card Retail Services Pvt. Ltd., in an effort to conceal the movement of funds.
Funds allegedly diverted into Mumbai properties
According to the ED, part of the money raised from investors was later used to acquire multiple real estate assets in Mumbai. The agency said the attached properties, including four residential apartments and eleven commercial units, were purchased using proceeds generated from the alleged investment scheme.
Investigators believe the movement of funds through multiple entities formed part of the laundering process before being integrated into real estate holdings.
Part of India’s broader crypto enforcement drive
The latest attachment adds to a series of cryptocurrency-related enforcement actions undertaken by the ED in recent weeks as the agency expands its focus on digital asset-linked financial crimes.
Earlier this week, the ED conducted searches across Tamil Nadu, Kerala, and Srinagar in connection with an alleged online investment and work-from-home scam, seizing cryptocurrency worth ₹3.35 crore, cash, and digital evidence after tracing investor funds through multiple crypto wallets.
The agency also recently launched a money laundering investigation against alleged hacker Shriki, accusing him of using cryptocurrency, darknet infrastructure, and international crypto exchanges to launder proceeds from hacking and cyber extortion.
The ED said further investigation into the ATC Coin case is ongoing as it continues tracing the flow of investor funds and identifying additional assets that may have been acquired using the alleged proceeds of crime.
The agency did not disclose whether any arrests have been made in connection with the latest attachment.
Also Read: India’s Crypto Crackdown: Surat Engineer Held in ₹24.72 Cr Fraud Probe
