2.5 Crore Kingpin Delhi Cryptocurrency Racket Arrested On Arrival From Dubai

New Delhi: A 60-year-old man has been arrested in Delhi for running a racket that earned at least Rs.2 crore from some 45 people under the guise of being a cryptocurrency promoter. He was raped by the Economic Offenses Wing of the Delhi Police to set up a new business after he duped people in India in 2018 from Dubai. The police said the fake enterprise operated like a “chit fund”, issuing units of a cryptocurrency in exchange for investment.

Police said Umesh Verma, a former jeweler, and maker of greeting cards, was arrested on Thursday from Indira Gandhi International Airport in connection with the fraud and fraud of money recorded on September 18 this year. He was earlier arrested by the Directorate of Revenue Intelligence on 17 December in connection with the smuggling of gold.

In the cryptocurrency-related case, police alleged, Verma, along with his son Bharata Varma and others, inspired hundreds to invest in a scheme known as Pluto Exchange, which fixed monthly fixed returns of 20 to 30 percent. Used to promise

Police said their venture started in November 2017 with the business office in the upmarket Connaught Place area of ​​the capital, which operated like a “chit fund”. It allegedly issued units of a cryptocurrency called Coin Zarus in exchange for investment, assuring investors that the value of these units would increase manifold.

However, soon after, the returns issued by Verma’s firm dried up and the post-dated checks were brought into disrepute. Verma went under the radar shortly afterward and changed his residential address, eventually ending up in Dubai, where he moved to start an essential goods business.

A complaint was filed against him by Joginder Sharma and others, on the basis of which Verma, the sole owner of Pluto Exchange, was arrested. According to a statement by OP Mishra, Joint Commissioner of Economic Offenses Wing of Delhi Police, the accused is now on police remand for three days.