ED Attaches ₹55.5 Crore Assets in Alleged ATC Coin Cryptocurrency Fraud Case

The Enforcement Directorate (ED) has taken action against assets worth ₹55.50 crore in connection with an alleged cryptocurrency fraud case involving ATC Coin , attaching bank deposits, residential flats and commercial properties in Mumbai under the Prevention of Money Laundering Act (PMLA) .

The attached properties belong to Jewria Services Club India, Viva Card Retail Services, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria , who are accused of being involved in the launch and promotion of ATC Coin, the agency said.

The ED’s action forms part of a money laundering investigation initiated in 2021 based on a 2017 FIR registered by the Economic Offences Wing (EOW) of the Mumbai Police . The agency alleged that investors were induced to put money into the cryptocurrency scheme with promises of high and assured returns .

According to the ED, the accused collected around ₹84 crore from investors and deposited the funds into the bank account of Jewria Services Club India. The agency alleged that the money was later routed through multiple bank accounts linked to the accused persons and associated entities, including Viva Card Retail Services.

The investigation found that a portion of the allegedly diverted funds was used to acquire immovable properties in Mumbai, including four residential flats and 11 commercial shops, locally known as galas . These assets have now been provisionally attached by the ED as part of its efforts to trace and secure proceeds of crime.

The attachment is a step taken under the PMLA to prevent the accused from transferring or disposing of assets believed to have been acquired through illegal means. The ED said further investigation into the financial transactions and the flow of funds in the case is underway.

The case highlights the agency’s continued crackdown on alleged cryptocurrency-related financial frauds, where investors are accused of being lured through promises of unrealistic returns and digital asset schemes.