Dubai Cryptocurrency Fraud News: The anti-graft arm of the Indian Police called Economic Offences Wing of Delhi Police has announced on Friday that Dubai-based absconding cryptocurrency fraud (Pluto Exchange) kingpin, Umesh Verma has been arrested for alluring many people to invest in bogus cryptocurrency.

The 60-year-old man who has been on the run since 2018 was arrested in Delhi for allegedly heading a racket (cryptocurrency fraud scheme) that had swindled at least Rs2.5 crore from some 45 people under the garb of being a cryptocurrency promoter. As per updates, he was arrested  upon his arrival from Dubai where he had fled to in 2018, setting up chains of new businesses.

The suspect, Umesh Verma, a former jeweller and greeting card-maker was arrested on Thursday from the Indira Gandhi International Airport based on a case of cheating and misappropriation of funds filed on September 18 this year.

Before his involvement in cryptocurrency fraud scheme, and this recent arrest, he was also arrested in December 17 by the Directorate of Revenue Intelligence in a gold smuggling case.

On the account of the Indian police report, Umesh Verma along with his son and others lured hundreds into investing in a scheme operating under the name of Pluto Exchange.

Police also updated that the cryptocurrency fraud venture of Verma was launched in November 2017 along with the business’s office in the capital’s upmarket Connaught Place locality. This company was being operated like a “chit fund”. The company also allegedly issued units of a cryptocurrency called Coin Zarus in return for investments, assuring investors that the value of these units would increase manifold.

However, many of the unsuspecting victims who didn’t see the trajectory of a ponzi scheme invested their hard earned money in expectations of huge return on investment which they never saw. Rather, Mr Umesh eloped to Dubai, United Arab Emirates with their money when it became apparent that the police were after him.