- India-Based Pluto Exchange has been involved in a $270,000 cryptocurrency scam.
- 43 investors filed their complaint at the EOW police station.
- Crypto scams are targeting Indian investors, resulting in more asset loss.
Indian police investigated Pluto Exchange, a New Delhi-based cryptocurrency firm for swindling over $270,000 from 43 crypto investors, according to local reports. Upon scamming the investors, the exchange allegedly gained more than $6.8 million.
Pluto Exchange Founder Bharat Verma supposedly lured investors into a crypto trading and mining venture under a fake name. The Economic Offenses Wing (EOW) of the local police investigated the matter after the investors filed an official complaint.
Pluto Exchange was established in 2017 as a crypto trading app for mobile phones. At present, the exchange has moved its offices from India to Dubai.
Scam investment scheme of Pluto Exchange
The fraudsters encouraged the investors to attach their capital to the fake company. Following this, they also guaranteed them a monthly return of up to 30%. Pluto also said that they are running a crypto trading and mining operation called ‘F2poolminin’.
One of the complainants, Joginder Kumar, explained that he met Verma after not receiving the promised returns on his investment of over $6,500. However, Verma apparently blamed the down rates of Bitcoin for this delay and asked Kumar to wait for a few more months.
Despite waiting for a long time, the complainant got nothing in his account. After that, he decided to visit the suspect’s company HQ near Connaught Place and found that the office had been shifted.
I found that lots of people like me invested their money in the company. The director collected approximately Rs 50 crore in the name of the cryptocurrency business.
More crypto scams targeting Indian investors
Indian traders are facing more losses due to the cryptocurrency scam. Moreover, between 2017 and 2019, Indian crypto investors have lost more than $500 million on scams within the country and all over abroad.
Last month, an Indian businessman lost about Rs 28 crores in a crypto wallet scam using a fake mobile app. Against all odds, cryptocurrency trading scams can be regulated by increasing private cybersecurity companies in the market.
Recently, the renewed trading ban was planned by the Indian central government due to a lack of regulatory measures needed to avoid these strings of fraudulent actions.