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

After duping at least 45 people here, Verma shifted his business from India to Dubai.
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. (File photo)
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. (File photo)
Updated on Jan 01, 2021 04:11 PM IST
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Hindustan Times, New Delhi | Byhindustantimes.com | Edited by Poulomi Ghosh

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.

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Friday, May 20, 2022