Kingpin of Rs 2.5 cr Delhi cryptocurrency racket held

New Delhi [India], January 1 : A 60-year-old person has been arrested for allegedly heading a racket that had swindled at least Rs 2.5 crores from some 45 people under the garb of being a cryptocurrency promoter.
The accused Umesh Verma, a greeting cards maker and jeweller was arrested from Indira Gandhi International Airport by Economic Offences Wing of Delhi Police on arrival from Dubai, after he failed to give justification about the cryptocurrency launched by him.
"Complainants alleged that the accused Umesh Verma, along with his son Bharat Verma and others had induced them to invest in the scheme of cryptocurrency being operated by them under the name and style of 'Pluto Exchange'. They assured the complainants for fixed return between 20 per cent to 30 per cent per month on their investment in the Pluto Exchange Crypto Currency," the police said.
The accused opened his office in Connaught Place area in November 2017 and operated like chit fund scheme. The police said that the accused hosted their own website and connected APP 'Pluto Exchange' for sale purchase of their new cryptocurrency launched in the name of 'COIN ZARUS', assuring people to invest on the pretext of giving higher returns.
However, the promised returns dried-up and post-dated cheques issued to them were dishonoured and Umesh Verma changed his residential addresses frequently to avoid the victims and finally shifted in Dubai.
The case was registered on receipt of complaints from one Joginder Kumar and others. It was revealed that the accused was the sole proprietor of Pluto Exchange. The accused was arrested after detailed interrogation.
The accused in on three days police remand. He was earlier also arrested in gold smuggling case by the Directorate of Revenue Intelligence (DRI) in December 2017.