India's Enforcement Directorate seizes assets worth over Rs 1,000 crore in crypto and betting fraud cases

The Enforcement Directorate (ED) in India attached immovable properties valued at about Rs 55.5 crore in Mumbai, including 11 commercial shops and four residential flats, linked to the ATC Coin cryptocurrency scheme. The agency says the assets were bought with proceeds from the fraudulent collection of public funds in the name of the self‑created token.

Separately, the ED arrested Delhi‑based businessman Vikas Garg, chairman of Eraaya Lifespaces and a key figure in the Ebix group, over alleged money‑laundering tied to the Mahadev betting‑app scam. Authorities have frozen and seized assets worth roughly Rs 940.77 crore belonging to Garg, his family and related companies, and allege he used illicit funds to acquire a 64 % stake in EbixCash. Garg was also previously investigated for a Rs 190 crore customs‑duty fraud.

Both investigations are being pursued under the Prevention of Money Laundering Act, with the ED stating that the seized funds were diverted through various corporate entities and shell companies.