ATC Coin which currently has a market cap of $5 820 940 dropped 36.39% during past 7 days.
ATC Coin Charts
This notable decrease might be linked to accusations laid last week against Subhashchand Jewria, a founder of cryptocurrency known as ATC Coin. The Mumbai Police's Economic Offence Wing found out that this cryptocurrency project was an investment scheme based on a pyramid structure and coins didn't have any value outside of the ATC Coin platform.
Subhashchand Jewria worked on the project alongside with his brother, Chirag Jewria, and both of them were charged with misappropriating investor funds. The EOW’s investigation detected that Jewria earned $12.9 million USD from investments made through his pyramid scheme disguised as a cryptocoin and transferred that money to all of his 28 personal bank accounts.
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.
The Economic Offences Wing of the Mumbai Police
Jewria and his brother were accused of deceit, criminal breach of trust and criminal conspiracy in accordance with the Indian Penal Code. Law enforcement officers of Mumbai seized all their bank accounts and restored millions of rupees, which they hope to return to investors.