The Mumbai Police's Economic Offence Wing (EOW) has cracked down on ATC Coin Ltd, the purported founder of cryptocurrency ATC Coin, and has registered a case against it for illegally collecting Rs 85 crore in five months.

Sources have told Moneycontrol the police is looking for Subhashchand Jewria for questioning, the founder and sole director of ATC Coin Ltd, for illegally diverting money raised from investors into his personal accounts and buying property with it. So far, the police have not been able to trace him.

A case has been registered under the Maharashtra Protection of Interest of Depositors Act against Jewria and ATC Coin Ltd.

The EOW has attached 28 banks accounts, and moveable and immoveable properties of ATC and Jewria, and has recovered about Rs 65 crore, which it is hopeful of giving back to investors in the company’s business.