The Directorate of Enforcement (ED) has provisionally attached movable and immovable assets worth ₹55.50 crore in connection with an alleged money laundering case linked to the ATC Coin cryptocurrency investment scheme. The agency alleges that the promoters collected nearly ₹84 crore from investors by promising high and assured returns and subsequently diverted the funds through multiple bank accounts and associated entities.
The action was carried out by the ED’s Mumbai Zonal Office under the provisions of the Prevention of Money Laundering Act (PMLA), 2002. According to the agency, the attached assets belong to Jewria Services Club India Pvt. Ltd., Viva Card Retail Services Pvt. Ltd., Subhashchandra Ramratan Jewria, and Chirag Ramratan Jewria.
The attached assets include 11 commercial units (galas), four residential flats in Mumbai, and balances held in various bank accounts. The ED alleges that these assets were acquired using the proceeds of crime generated through funds collected from the public in the name of the ATC Coin cryptocurrency.
The money laundering investigation began in 2021 following a First Information Report (FIR) registered by the Economic Offences Wing (EOW) of Mumbai Police against Jewria Services Club, ATC Coin Ltd., Subhashchandra Jewria, and Chirag Jewria. According to the ED, the EOW has since filed a chargesheet in the case.
The agency alleges that the Jewria brothers projected themselves as promoters of ATC Coin and persuaded members of the public to invest by offering assurances of high and guaranteed returns. The investigation claims that approximately ₹84 crore was mobilised from investors and deposited into the bank account of Jewria Services Club.
According to the ED, the funds were subsequently routed through multiple bank accounts belonging to the accused individuals and their associated entities, including Viva Card Retail Services Pvt. Ltd. Investigators further allege that part of the diverted funds was used to purchase four residential flats and 11 commercial properties in Mumbai.
The ED stated that these properties and the bank account balances have been provisionally attached as they are suspected to represent proceeds of crime under the PMLA. The agency added that its investigation into the alleged money laundering and investment fraud remains ongoing, including the examination of fund flows, investor transactions, and related financial records.
Renowned cybercrime expert and former IPS officer Prof. Triveni Singh said financial fraud involving cryptocurrency and digital investment schemes has increased significantly in recent years. He cautioned that investment schemes promising unusually high or guaranteed returns without corresponding risk should be treated with extreme caution. According to him, investors should independently verify an entity’s legal status, regulatory compliance, and business model before investing in any cryptocurrency or digital asset scheme.
The ED said further action will be taken if additional assets, financial transactions, or individuals linked to the alleged fraud are identified during the course of the investigation. The final determination regarding the attached assets will be subject to the outcome of the investigation and the applicable judicial process.
