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

Cryptocurrency(5)

Latest News

NFT and NFC tech to combine in digital postage stamps

The Austrian post intends to integrate near-field communication to its non-fungible token postage stamps. ...

MAY 27, 2021

SDK is Polygon’s new tool to deploy Ethereum-compatible standalone chains

To empower themselves to build Ethereum-compatible standalone chains and layer-two protocols, the Polygon team is going to launch SDK or software development ki ...

MAY 26, 2021

Whales accumulate 122.5K BTC while crypto market is a bloodbath

Last week, the market experienced a collapse and the whole market suffered except for some big holders who bought the dip and added 122.5K BTC to their portfoli ...

MAY 23, 2021

Bitcoin mining yields in Iran may exceed $1B annually

Bitcoin has turned into a way of bypassing the oil sanction by the Iranian government and a payment method for their imports. ...

MAY 21, 2021

Tags

Cybercrime

Cryptocurrency exchange

Tags

Cybercrime

Cryptocurrency exchange