Mumbai, July 14:
In a crackdown on illegal cryptocurrency, the ED attached Rs 55. 50 crore worth of immovable properties in the form of 11 commercial Galas (shops) and four residential flats in Mumbai, along with bank balances, of companies and individuals linked to “ATC Coin”, an official said on Monday.
The Enforcement Directorate (ED), Mumbai Zonal Office, provisionally attached movable and immovable properties worth Rs 55.50 crore belonging to Jewria Services Club India Pvt Ltd, Viva Card Retail Services Pvt Ltd, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria, under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, the ED official said in a statement.
The PMLA investigation revealed that the attached assets were acquired out of Proceeds of Crime generated through the collection of funds from the public/investors in the name of cryptocurrency “ATC Coin”. The ED initiated an investigation in 2021 based on C.R. No. 77/2017 registered by the Economic Offences Wing (EOW), Mumbai, against Jewria Services Club India, ATC Coin, Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria.
Subsequently, a charge sheet was filed by EOW, Mumbai, said the statement. The ED investigation conducted so far revealed that Subhashchandra Ramratan Jewria and Chirag Ramratan Jewria projected themselves and their entities as promoters of a self-created cryptocurrency namely “ATC Coin”, and induced the public to make investments through representations and assurances of high and assured returns.
An amount of approximately Rs 84 crore was collected from the public/investors and deposited in the bank account of Jewria Services Club India, said the ED. The funds were, subsequently, diverted through various bank accounts of the accused persons and their associated entities, including Viva Card Retail Services. Part of such funds was utilised for the acquisition of four residential flats and 11 commercial Galas (shops), all situated in Mumbai, said the agency.