Daijiworld Media Network - New Delhi

New Delhi, Jul 13: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 55.50 crore in connection with an alleged cryptocurrency investment fraud linked to the self-styled digital token "ATC Coin", officials said on Monday.

According to the agency, the attached assets include 11 commercial galas (shops), four residential flats in Mumbai, and bank balances belonging to Jewria Services Club India Pvt Ltd, Viva Card Retail Services Pvt Ltd, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria.

The action has been taken under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.

The ED said its investigation found that the attached properties were allegedly purchased using proceeds generated from investments collected from the public in the name of the cryptocurrency ATC Coin.

The money laundering probe began in 2021 after the agency took cognisance of a case registered in 2017 by the Economic Offences Wing (EOW), Mumbai, against Jewria Services Club India, ATC Coin and its promoters, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria. The EOW later filed a chargesheet in the matter.

According to the ED, the accused allegedly promoted ATC Coin as a cryptocurrency investment scheme and persuaded investors to invest by promising attractive and assured returns.

Investigators found that nearly Rs 84 crore was collected from investors and deposited into the bank accounts of Jewria Services Club India.

The agency alleged that the funds were subsequently routed through multiple bank accounts belonging to the accused and their associated entities, including Viva Card Retail Services Pvt Ltd, before being diverted for various purposes.

Part of the allegedly diverted funds was used to purchase four residential flats and 11 commercial properties in Mumbai, which have now been attached as suspected proceeds of crime.

The ED said the investigation into the alleged cryptocurrency fraud and the money trail is continuing.