₹2.5 crore Delhi cryptocurrency scam: Dubai-based kingpin arrested from airport

Umesh Verma, a 60-year-old man, has been arrested from the Indira Gandhi International Airport on Thursday as he arrived from Dubai on charges of duping at least 45 people to the tune of ₹2.5 crore in a cryptocurrency scam.

Here is all you need to know about the scam

> In 2017, Umesh Vera and his son Bharat Verma set up Pluto Exchange which apparently launched India’s first mobile application for transacting in virtual currencies. At that time, they also held a press conference launching their scheme where people can buy, sell, store and spend bitcoins just via a mobile number.

> They promised a return of 20-30% each month, according to one of the 45 investors.

> They also promised added commission if an investor brings in more people.

> When the company could not meet its promises, it said to its investors that bitcoin price plummeted and several of the company’s bank accounts were seized.

> Then, Pluto Exchange shifted its offices to Dubai and launched similar operations in Dubai.

> Umesh Verma originally had a jewellery business. He was earlier arrested in a gold smuggling case as well.