The Enforcement Directorate (ED) has provisionally attached properties worth ₹55.50 crore in Mumbai — comprising 11 commercial shops and four residential flats — along with bank balances linked to the fraudulent cryptocurrency scheme 'ATC Coin', officials confirmed on Monday, 13 July. The action targets companies and individuals accused of collecting public funds under the guise of a self-created digital currency and promising assured high returns.

What Was Attached and Who Is Targeted

The ED Mumbai Zonal Office invoked the Prevention of Money Laundering Act (PMLA), 2002 to attach movable and immovable assets belonging to Jewria Services Club India Pvt Ltd, Viva Card Retail Services Pvt Ltd, and individuals Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria. All 15 properties — both commercial and residential — are situated in Mumbai.

How the Fraud Was Allegedly Operated

Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria allegedly projected themselves as promoters of ATC Coin, a self-created cryptocurrency, and induced members of the public to invest by making representations of high and assured returns. According to the ED, approximately ₹84 crore was collected from investors and deposited into the bank account of Jewria Services Club India.

The funds were subsequently routed through multiple bank accounts of the accused and their associated entities, including Viva Card Retail Services Pvt Ltd. A portion of these diverted funds was used to acquire the four residential flats and 11 commercial shops now under attachment.

Background and Investigation Timeline

The ED launched its investigation in 2021, drawing on C.R. No. 77/2017 registered by the Economic Offences Wing (EOW), Mumbai, against Jewria Services Club India, ATC Coin, and the two Jewria individuals. A charge sheet was subsequently filed by the EOW Mumbai. The PMLA probe confirmed that the attached assets were acquired from proceeds of crime generated through the investor fund collection scheme.

Significance and Broader Context

This attachment is the latest in a series of ED actions targeting fraudulent cryptocurrency schemes in India, where unregistered digital tokens have been used to solicit funds from retail investors with promises of guaranteed returns — a practice that regulators have repeatedly flagged as illegal. Notably, the alleged fraud originated as early as 2017, underscoring how long such schemes can operate before enforcement catches up.

With ₹84 crore allegedly collected and ₹55.50 crore now attached, the ED's action represents a significant recovery effort, though a gap remains between funds raised and assets traced. Further action under PMLA is expected as the investigation continues.