ED Says Investor Funds Were Routed Through Company Accounts Before Buying Mumbai Properties in ATC Coin Case
The Enforcement Directorate (ED) has attached assets worth Rs. 55.5 crore in Mumbai in the alleged ATC Coin Fraud case. The agency said the properties and bank accounts are linked to money collected from investors through a cryptocurrency investment scheme that promised high and fixed returns.
The action comes under the Prevention of Money Laundering Act (PMLA). According to the ED, the attached assets include 11 commercial shops, four residential flats, and bank balances linked to Jewria Services Club India Pvt. Ltd., Viva Card Retail Services Pvt. Ltd., Subhashchandra Ramratan Jewria, and Chirag Ramratan Jewria.
ED Attaches Properties and Bank Accounts
The case began with a complaint filed by Mumbai Police’s Economic Offences Wing in 2017. After reviewing the case, the ED started its money laundering investigation in 2021. Officials said the police have already filed a chargesheet, while the financial investigation continues.
The ED claims that Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria introduced ATC Coin as a cryptocurrency investment and assured investors of attractive returns. Many people invested after believing those claims. Investigators estimate that the scheme collected nearly Rs. 84 crore from investors.
How the Money Was Allegedly Moved
According to the agency, the money first went into the accounts of Jewria Services Club India Pvt. Ltd. It later moved through different company accounts, including Viva Card Retail Services Pvt. Ltd. Officials believe these transfers helped hide the source of the money before it was used to buy properties in Mumbai.
The agency said the attached assets were purchased with investor money collected through the alleged scheme. The attachment prevents the owners from selling or transferring these properties until the investigation moves forward. The ED has not announced any arrests in the case so far.
The ATC Coin Fraud case shows that agencies are now following the complete money trail instead of only tracking cryptocurrency transactions. Property purchases and company accounts have become an important part of financial investigations involving crypto investment scams.
Investigation Still Continues
The latest action also reflects the ED’s growing focus on cryptocurrency-related fraud. In recent weeks, the agency has taken action in several cases involving online investment scams, fake job offers, and cybercrime linked to digital assets. Investigators continue tracing funds that moved through crypto wallets, company accounts, and other financial channels.
The ED said the investigation into the ATC Coin Fraud is still underway. Officials are examining financial records to identify more assets that may have been bought with investor money. The agency has not shared any information about future action or possible arrests.
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