The investigation of cryptomnesia $11 million in Mumbai stalled
In October 2017, the Department for investigation of economic crimes the Mumbai police (EOW) has declared wanted by the founder and sole Director of the company ATC Coin Subhashchandra Gevrey (Subhashchand Jewria), which was suspected of creating the cryptocurrency scams.
According to the investigation, Jewry registered company ATC Coin in the UK in March 2017, with paid-up capital of one pound sterling, declaring the intention to create a cryptocurrency Coin ATC. He promised investors that after 12— 18 months it will be traded on exchanges and guaranteed them a profit of 10% over this period (and later — up to 24% monthly).
EOW officers believe that the accused managed to obtain from investors funds for 840 million rupees ($11 million). Cryptocurrency was not created, and the money moved to personal accounts of the founder, and then went to purchase real estate. Police freeze 28 Bank accounts belonging to Gevrey and his brother, and conducted searches of their offices and homes.
However, the investigation apparently stalled, since there is no one investor who wished to make a complaint, writes Bitcoinist. Police found two people who allegedly invested in ATC Coin. When EOW turned to him with a request to report the size of the lost funds, they refused to cooperate. A police officer, who requested anonymity, explained:
Because of the cryptocurrency sector, which in India is not legally regulated, investors apparently decided to avoid any investigations by law enforcement agencies and, accordingly, did not put forward any accusations of fraud. Assets last while frozen, but to return to victims the money is.