Arrested under a 25 million rupee Indian crypto scam allegation at the Delhi airport.

The fraud seem to have lured people into investing in a 2017 scheme with a 20% monthly profit.

Share

Umesh Verma, a 60 year-old who is alleged of leading a scam worth 25m rupee ($340,000) was arrested at Indira Gandhi International Airport in Delhi on Thursday.

Mr. Verma and his son have been alleged to have lured people into investing in a scheme under Pluto Exchange for a 20% to 30% return on a monthly basis. This exchange offered its native coins called Zarus for people’s investments. Nonetheless, it didn’t take long after the schemes launch on November 2017 that the returns ran out and Mr. Verma went off the grid till he was seen in Dubai in 2018.

He was arrested as a case of misappropriation of funds in September 2020. Pluto Exchange had also lunched the first cryptocurrency mobile app that was claimed to be able to trade and store BTC using a cell phone number only.

It’s interesting to know that this man had been apprehended by the police in December 2017 regarding smuggling gold.

Categories

Crypto Currency(5)

News

An office for Federal use of blockchain tech coordination

Rep. Soto is after establishing an office to monitor all the blockchain-concerned activities within the Federal government that are unrelated to defense. ...

JAN 03, 2021

Rising dramatically in price, Bitcoin touched $31K and $100 million of shorts we liquidated

A large number of short risky positions were liquidated when Bitcoin rose to $30,950 ...

JAN 02, 2021

Arrested under a 25 million rupee Indian crypto scam allegation at the Delhi airport.

The fraud seem to have lured people into investing in a 2017 scheme with a 20% monthly profit. ...

JAN 02, 2021

To raise its $117M IPO, INX is using the token listings on the exchanges around the world

Having raised up to $10M out of the total $117M so far, INX hopes to will have raised it by the end of the year. ...

DEC 30, 2020

Tags

Cybercrime

Cryptocurrency exchange