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.

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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.

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