Mumbai: The Enforcement Directorate (ED) has provisionally attached assets worth Rs 55.50 crore in connection with an alleged cryptocurrency investment fraud involving "ATC Coin", officials said on Monday. The agency alleged that the accused collected around Rs 84 crore from investors by promising high and assured returns before diverting the funds to acquire properties and route money through multiple entities.
The attachment, carried out under the Prevention of Money Laundering Act (PMLA), includes 11 commercial galas (shops), four residential flats in Mumbai and 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 investigation found that the attached assets were acquired using proceeds of crime generated by mobilising investments from the public in the name of a self-created cryptocurrency called "ATC Coin".
According to the ED, its money laundering probe was initiated in 2021 based on an FIR registered by the Mumbai Police's Economic Offences Wing (EOW) in 2017 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, "ATC Coin", and lured the public into investing by promising high and assured returns.
The investigation found that 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.
According to the agency, A portion of funds was allegedly used to purchase four residential flats and 11 commercial properties in Mumbai, which have now been attached as alleged proceeds of crime.
To get details on exclusive and budget-friendly property deals in Mumbai & surrounding regions, do visit: https://budgetproperties.in/
