Scam investigation in India halts as victims refuse to come forward

17 Oct, 2018
by Fifi Arisandi
News
Scam investigation in India halts as victims refuse to come forward

The investigation to a mega crypto scam in India is unable to proceed as victims refuse to come forward.

The Indian authority is currently investigating another mega crypto scam, namely the ATC coin that managed to steal $11 million worth of money from their investors.

The investigation, however, is facing a deadlock as identified victims refuse to come forward by providing details of their loss to the police.

The story begins when the figure behind the crime, Subhashchand Jewria tricked the victims to invest in ATC coin, which can be used for online shopping after an 18 months lock period. The police arrested Jewria after the investment plan failed to come in reality after it has passed the so-called lock period. 

That said, a year after the arrest, no victims have ever come forward, which according to The Next Web, may be caused by the fear of “facing intense scrutiny due to lack of regulation and law surrounding cryptocurrency”.

The continuation of the case remains unclear, although the fraudster has been charged and the funds have been frozen. 

Follow Chepicap now on Twitter, Telegram and Facebook!

Add a comment

Check out the latest news

You will be logged out and redirected to the homepage