Subash Jewria, the acclaimed founder of ATC Coin is now at large, another pointer to why the likes of China banned all ICOs and merging trading of Bitcoin.
Also known as Subhashchand Jewria, Subash Jewria executed ATC Coin Ponzi scheme earlier in March.
Investigations pointed out that Subash Jewria:
Asked to deposit the money in the account of Jewria Services Club India Pvt Ltd. Brothers Subhashchand and Chirag are the directors of this firm.
Ideally, the amount should have gone to the account of ATC Coin Ltd, however, not single rupee was deposited in the account.
Instead, a major portion of this amount has been transferred to the personal accounts of the two directors.
It a classic case of fraud committed by floating a multi-level marketing scheme and luring investors with high returns and enviable rewards like sponsoring a foreign vacation or gifting high-end cars and also the claim that after completion of a lock-in period of 18 months, the cryptocurrency could be used for online shopping.
Further investigations revealed that:
TC Coin Ltd, a UK-registered company with a registered address in Covent Garden, London, was floated to engage in the business of fund management and also create a cryptocurrency by name ‘ATC Coin’ with Jewria as its sole director.
“When we verified the office address, we found that around 9,000 companies were registered at the said address.
However, it did not include the name of ATC Coin Ltd, thus it is a fictitious company which only exists on paper”, added the official.
The menace of fraudulent ICOs is tainting the cryptocurrency community with Bitcoin becoming the whipping.