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2.5 Crore INR Scam: Pluto Exchange CEO Arrested in India

2.5 Crore INR Scam Pluto Exchange CEO Arrested in India
  • Pluto Exchange CEO Umesh Verma has been arrested at the Indira Gandhi International Airport in India over allegations of fraud.
  • According to a report, Verma, together with his son Barat, have duped almost about 45 investors after launching their Pluto Exchange. Complainants claimed they scammed at least 2.5 crore INR.

According to a report, Rs  2.5 Crore Delhi cryptocurrency CEO Umesh Verma was arrested. This is as a result of an alleged crypto scam.

Umesh was reported to have duped over 45 people in India before leaving for Dubai, UAE. He then set up his office in the said country in the Middle East. Upon returning to India, the Economic Offences Wing of Delhi Police arrested Umesh at Indira Gandhi International Airport.

While detained, Umesh failed to provide a reasonable excuse to counter allegations against him and his scheme.

In 2017, Umesh and his son Barat Verma launched a digital exchange called Pluto. The exchange appeared to operate mainly as a mobile application to carry out digital asset transactions.

Following this, Umesh and his son reportedly guaranteed investors about 20 to 30% monthly interest. Also, the company promised to give investors a whopping commission whenever they refer people. However, they failed to uphold their promise and used Bitcoin’s price drop as an excuse.Upon this, the company moved its office to Dubai.

Meanwhile, this is not the first time Umesh is facing a business arrest. Previously, the Directorate of Revenue Intelligence (DRI) arrested Umesh due to gold smuggling.

Read Also: India-Based Pluto Exchange in Question for $270K Crypto Scam

Collins Adane is a writer who follows the crypto industry closely. He loves fish stew and Real Madrid. He believes in cryptocurrency’s potential to transform the money landscape in his native country Ghana.