ED Attaches Assets Worth Rs 55.50 Crore in Mumbai ATC Coin Crypto Fraud Case

The Enforcement Directorate (ED) has provisionally attached assets worth Rs 55.50 crore in Mumbai in connection with an alleged cryptocurrency investment fraud scheme involving "ATC Coin." The action, reported on Monday, targets properties linked to promoters who allegedly defrauded investors of approximately Rs 84 crore by promising high and assured returns.

The provisional attachment, carried out under the Prevention of Money Laundering Act (PMLA), includes 11 commercial galas (shops) and four residential flats located in Mumbai. The agency also froze bank account balances belonging to M/s Jewria Services Club India Pvt. Ltd., M/s Viva Card Retail Services Pvt. Ltd., and their promoters, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria.

According to the ED, its money laundering investigation was initiated in 2021. The probe was based on a 2017 First Information Report (FIR) registered by the Mumbai Police's Economic Offences Wing (EOW) against the companies and their promoters. The EOW has since filed a chargesheet in the case.

The agency alleged that Subhashchandra Jewria and Chirag Jewria projected themselves and their companies as promoters of a self-created cryptocurrency called "ATC Coin." They allegedly lured the public into investing in this cryptocurrency by promising high and assured returns.

The ED investigation found that the attached assets were acquired using proceeds of crime generated by mobilising investments from the public. Around Rs 84 crore was collected from investors and routed through the bank accounts of Jewria Services Club India Pvt. Ltd.

The funds were subsequently diverted through multiple accounts controlled by the accused and their associated entities, including Viva Card Retail Services Pvt. Ltd. The ED alleged that a portion of these funds was used to purchase the four residential flats and 11 commercial properties in Mumbai, which have now been attached as alleged proceeds of crime.