Indian Arrested at Delhi Airport Worth 25 Million Rupees Crypto Scam
January 4, 2021 6:39 pm
A 60-year-old man was taken into custody at Delhi International Airport, India on Thursday for leading a 25 million rupee ($340,000) cryptocurrency scam. Umesh Verma, a former jeweler, and greeting card maker, was detained by the Economic Offences Wing of Delhi police after arriving from Dubai.
Delhi Police declared that Verma, along with his son Bharat, convinced hundreds to invest in a scheme going by the name of Pluto Exchange, promising monthly returns of 20% to 30%. The plan issued a “cryptocurrency” called Coin Zarus in exchange for investments. Nevertheless, shortly after the scheme launched in November 2017, returns wiped up and Verma reportedly dropped off the radar, eventually escaping to Dubai in 2018.
Delhi police filed a case of misuse of funds against Verma in September 2020, leading to his New Year’s Eve arrest.
According to a report by the Hindustan Times, Pluto Exchange also launched India’s first mobile app for cryptocurrency, promising the ability to buy, sell and store Bitcoin (BTC) using only a mobile number. Verma was arrested in December 2017 over an unrelated gold smuggling case.
Back in August 2018, BitConnect’s Head Divyesh Darji was caught by Indian Police at Delhi Airport. He was arrested while returning from Dubai. Inspector P G Narwade of Criminal Investigation Department (CID-Crime) of Gujarat police told Darji was living in Dubai. He was issued with a look-out circular order. The police department was alerted by the Immigration Department when he was traveling from Dubai to Ahmedabad.
His company was introduced in February 2016 and got shut by January 2017. The crypto platform also issued a cryptocurrency called BitConnect coin. Bitconnect launched around 2.80 crore coins, where 1.8 crore coins were sold to investors.