In October 2017, the department for the investigation of economic crimes of the Mumbai police (EOW) announced the search for the founder and sole director of ATC Coin Subhashchand Jewria, who was suspected of creating a cryptocurrency fraudulent scheme.
According to the investigation, Jewria registered the company ATC Coin in the UK in March 2017 with a paid-in capital of one pound sterling, declaring its intention to create the ATC Coin cryptocurrency. He promised investors that after 12-18 months, it will be traded on the stock exchanges, and guaranteed them a profit of 10% over this period (and then up to 24% monthly).
EOW employees believe that the suspect managed to get funds from investors for 840 million rupees ($11 million). Cryptocurrency was never created, the money moved to the personal accounts of the founder and were spent on real estate later. Police froze 28 bank accounts that belonged to Jewria and his brother and raided their offices and dwellings.
However, as a result, the investigation seems to be at an impasse, since there is not a single investor who would like to make a complaint, Bitcoinist writes. Police found two people who allegedly invested in ATC Coin. When EOW asked them to report the amount of the lost funds, they refused to cooperate. A police officer, who wished to remain anonymous, explained:
Since we are talking about the cryptocurrency sphere, which is not legally regulated in India, investors apparently decided to avoid any inspections by law enforcement agencies and did not make any accusations against the scammers, accordingly. The assets of the latter are still frozen, but it is impossible to return the funds to the victims.
The whole situation seems to be the perfect crime scenario: money stolen, but victims are OK with that.