E-Paper
Crypto-currency fraud kingpin arrested from IGI on return from Dubai
New Delhi
New Delhi
The kingpin of a crypto-currency fraud, who had allegedly duped hundreds of people of crores of rupees and then fled to settle in Dubai, was arrested from the IGI Airport, the Delhi Police’s Economic Offences Wing said on Friday.
There are complaints from 45 identified people against Umesh Verma, 60, at the EOW police station for decamping with R2.5 crore, said OP Mishra, joint commissioner of police (EOW).
According to the joint CP, Verma’s modus operandi involved alluring people to invest in a crypto-currency known as Coin Zarus. “He would promise the victims a fixed monthly return on 20-30% on their investments in this bogus crypto-currency, as well as commission on bringing in more customers,” said the officer.
He said that these virtual crypto-currencies had already been banned by the Reserve Bank of India.
Verma had allegedly opened an office in Connaught Place to carry out this business and was being aided by his son and some other people in the fraud. “He had registered the victims on two fake websites and even carried promotional videos on YouTube,” said the officer, adding that the crime dated back to 2017.
When the customers would ask him for returns on their investments, he would give them postdated cheques which would bounce, said Mishra. Meanwhile, he allegedly withdrew all the money deposited into his account.
Within months of having started his con, he shut his Connaught Place office and moved to Dubai.
The EOW had registered a case of cheating against him in September 2020.
“On Wednesday we got to know that he was returning to Delhi by flight. We arrested him from the airport itself,” said Mishra.
A graduate from Delhi University, Verma was earlier arrested in 2017 by the Directorate of Revenue Intelligence for gold smuggling, said the officer.
