Supposed „boss“ of a cryptomorph coup arrested at Delhi airport

The man said he had convinced people to invest in a 2017 scheme by promising monthly returns of more than 20 percent.

Alleged „boss“ of a cryptomaniac coup arrested at DelhiNOTÍCIAS airport

A 60-year-old man was arrested at Delhi’s Indira Gandhi International Airport on Dec. 31 for allegedly leading a Rs. 25 million (US$340,000) cryptomeda scheme.

Umesh Verma, a former jeweler and greeting card manufacturer, was arrested by the Delhi Economic Offense Police after arriving from Dubai.

Police claim that Verma, along with his son Bharat, convinced hundreds to invest in a scheme known as Pluto Exchange, promising monthly returns of 20-30%.

The scheme issued a ‚cryptomoeda‘ called Coin Zarus in exchange for investments. However, soon after the scheme launched in November 2017, returns dried up and Verma supposedly disappeared from the radar, eventually reappearing in Dubai in 2018.

The Delhi police opened a misappropriation process against Verma in September this year, leading to his arrest on New Year’s Eve.

According to a Hindustan Times report, Pluto Exchange also launched India’s first mobile application for cryptomoeda, promising the ability to buy, sell and store Bitcoin (BTC) using only one mobile number.

Verma had already been arrested in December 2017 over an unrelated gold smuggling case.

The Indian Supreme Court suspended this year the central bank’s ban on banks that deal with cryptomime companies. However, recent research has suggested that most investors in the country still do not see an easy way to gain exposure to digital assets.

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