In a move against illegal cryptocurrency activities, the Enforcement Directorate (ED) has seized assets worth Rs 55.50 crore in Mumbai. These assets include 11 commercial shops and four residential flats, along with bank balances, connected to entities involved in the “ATC Coin” scheme. The ED’s action is based on the Prevention of Money Laundering Act.
The ED’s Mumbai Zonal Office has provisionally attached these assets, which belong to Jewria Services Club India Pvt Ltd, Viva Card Retail Services Pvt Ltd, Subhashchandra Ramratan Jewria, and Chirag Ramratan Jewria. Investigations under the PMLA have revealed that these assets were acquired using funds collected from the public in the name of the cryptocurrency “ATC Coin.”
The ED’s probe, initiated in 2021 following a case registered by the Economic Offences Wing (EOW) in Mumbai, focused on Jewria Services Club India, ATC Coin, and the Jewria individuals. The investigation found that the Jewria duo promoted “ATC Coin” to the public, luring investments with promises of high returns. Approximately Rs 84 crore was collected from investors and channeled into the bank account of Jewria Services Club India.
These funds were then moved through various accounts, including Viva Card Retail Services, to acquire the mentioned properties in Mumbai. The assets seized include four residential flats and 11 commercial shops. The ED’s actions are part of efforts to combat financial crimes related to cryptocurrency schemes.
