Economic Offenses Wing (EOW) of the Mumbai Police has been looking for a year for the investors who were duped in India under the cryptocurrency scheme. A year ago Subhash Chand Jewria, a Goregaon resident was arrested for duping investors by inviting them to invest in his cryptocurrency marketing scheme. He promised the investors that on completion of the lock-in period of 18 months, the cryptocurrency could be used for online shopping. The case registered under the Maharashtra Protection of Interest of Depositors (MPID) Act closed recently as no investors filed the complaint.
A police officer clarified that due to the absence of proper law and regulations for the cryptocurrency, investors are terrified that they might face a lot of scrutinies. And the case has been stuck since the investors traced by the police did not file any complaint. As none of the investors came forward, the assets of accused will not be disbursed among partners.
Numerous cryptocurrencies have been created in India. Jewria had incorporated ATC Coin Ltd in the United Kingdom, in March 2017, with a paid up capital of one pound under the attire of selling his cryptocurrencies. He welcomed individuals to invest between Rs 5,000 and Rs 20,000 in the company’s scheme. He said that after the lock-in period of 18 months ATC coins could be traded on exchanges. The EOW claims that the raised Rs 84 crore, which he diverted to his own accounts.
According to the EOW test, ATC Coin Ltd was a UK-enlisted company with a registered address in Covent Garden, London. It was floated to take part in the business of fund management and furthermore make a cryptocurrency named ‘ATC Coin’.
India Express reported that on verifying the office address EOW found that around 9000 companies were registered with the said location. However, it did include the name of ATC Coin Ltd. Thus it is a fictitious company which just exists on paper.
As reported by Coinnounce, another cryptocurrency scammer in India was also arrested a few days ago. Asif Ashraf Malkani propelled an imaginary cryptocurrency named ‘Kashh Coin’ 2016 and advanced the coin in December 2017. After a large number of scammed investors reached the police, Mr. Malkani remained underground for a year. Finally, New Delhi Police caught him on October 9, 2018.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]