• About
  • Advertise
  • Contact
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events
No Result
View All Result
Cryptopolitan
No Result
View All Result
Home News Scam News

Pluto exchange scammer nabbed in India

Muhaimin Olowoporoku by Muhaimin Olowoporoku
Jan 01, 2021 at 08:59 pm
Updated Jan 08, 2021 at 02:53 am
in Scam News
2 min read
Bitcoin

Bitcoin

585
SHARES
3.2k
VIEWS
Share on FacebookShare on Twitter

TL;DR Breakdown

  • Pluto Exchange principal nabbed for fraud
  • How the scheme deceived people into investing
  • 25 million Ruppes lost to the scam

Umesh Verma, Pluto Exchange principal, after pulling an exit scam back in September 2020, has been nabbed at Indira Gandhi International Airport in Delhi on Thursday.

RelatedPosts

Black-hat hackers hit DeFi aggregator on launch day

Instagrammer Jay Mazini allegedly defrauded followers of $2.5M in Bitcoin

McAfee executive pleads not guilty to alleged crypto scam

Indian lecturer losses nearly $14,000 Bitcoin in Telegram scam

The suspect, a 60-year-old alongside his son, Bharat, convinced unsuspecting people to invest in a scheme (Pluto Exchange) in 2017. Around 25 million ruppies was invested in the scheme back then.

Verma’s proposal to his victim was as juicy as every other scam story. His scheme issued a cryptocurrency dubbed Coin Zarus in exchange for investments. When it launched in 2017, shortly after returns stopped coming in, he (Verma) disappeared and resurfaced a year after in Dubai.

How Pluto Exchange promised investors high returns

The scheme promised investors massive returns while it was in operation. Verma told investors that 20 – 30 percent returns was assured monthly on every investment. It is a common format scammers use to lure investors.

According to the police, the scheme issued units of a cryptocurrency called Coin Zarus in return for investments, assuring investors that the value of these units would increase manifold.

Pluto Exchange also claimed to be involved in crypto trading and mining via ‘F2poolminin.’

The scheme adopted the multi-level-marketing format, also asking investors to introduce more people for higher reward.’ It eventually turned out to be fake as Verma failed to deliver on his promise.

Back then, he blamed Bitcoin’s plunge as the reason he hasn’t paid out the rewards as promised.

He was arrested after a case of misappropriation of funds was filed against him by the Delhi police. It led to his arrest on 31st December 2020. Verma had a case with the police in 2017, leading to his first arrest. However, that was over an unrelated gold smuggling case and not related to cryptocurrencies.

In India, local report claimed that Verma also launched the first mobile app for crypto in India with claims that users can buy, sell, and store BTC with only their phone number.

Tags: india
Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

Related Posts

Black-hat hackers
DeFi News

Black-hat hackers hit DeFi aggregator on launch day

Apr 05, 2021 09:25 pm
Popular Instagrammer Jay Mazini allegedly defrauded followers of $2.5 million in Bitcoin
Scam News

Instagrammer Jay Mazini allegedly defrauded followers of $2.5M in Bitcoin

Mar 25, 2021 09:06 am
McAfee
Scam News

McAfee executive pleads not guilty to alleged crypto scam

Mar 23, 2021 03:06 pm
Indian lecturer losses nearly $14,000 Bitcoin to Telegram scammer
Scam News

Indian lecturer losses nearly $14,000 Bitcoin in Telegram scam

Mar 17, 2021 09:28 am
Chinese gang arrested over fake crypto call centers in Turkey
Scam News

Chinese gang arrested over fake crypto call centers in Turkey

Mar 13, 2021 04:18 pm
Bitcoin theft
Scam News

Bitcoin theft: Nigerian authorities sentence scammer to jail

Mar 09, 2021 02:48 pm

Follow Us

  • 51k Fans
  • 8.3k Followers

Popular News

  • DOGE Price Prediction

    DOGE Price Prediction: Dogecoin to the moon, to hit its $0.2 target after safeguarding support

    1357 shares
    Share 543 Tweet 339
  • Ripple price prediction: XRP blasts past $1.8392 as bulls relentlessly pursue $2.0

    1339 shares
    Share 536 Tweet 335
  • Cardano price prediction: ADA fails to break above $1.50, what’s next?

    1314 shares
    Share 526 Tweet 329
  • XRP Price Prediction 2021, 2023, 2025, 2030

    1269 shares
    Share 508 Tweet 317
  • Dent Token Prediction for 2021 – 2025

    1201 shares
    Share 480 Tweet 300

Latest News

Polkadot price

Polkadot price prediction: DOT finds support at $32, can buyers defend the level?

April 20, 2021
Bitcoin

Bitcoin finally wins in China after years of government crackdown

April 20, 2021
Dogecoin

Dogecoin price surge to $50 billion, now worth more than Barclays

April 19, 2021
forward protocol

What is the Grand Challenge Forward Protocol solves?

April 19, 2021
Weekly Crypto Price Analysis 12th Apr: BTC, ETH, BNB, SUSHI, UNI

Weekly Crypto Price Analysis 19th Apr: BTC, ETH, LINK, DOT, VET 

April 19, 2021

Signup To The Daily Roundup

Get New Posts By Email:
Privacy Policy

Got a Story tip? Email Contact@Cryptopolitan.com

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News

Binance News
Ripple News
Cardano News

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker
Sitemap

Exclusive Partners of

Footer 1

Got a Story tip? Email Contact@Cryptopolitan.com

cryptopolitan 1

News

Guides
Bitcoin News
Blockchain News
Ethereum News
Industry News
Research News
Scam News
Regulation News
Exchange News
Bitcoin Price
Ethereum Price
Bitcoin Cash Price
Cardano Price
Dash Price

Stay Connected

Facebook
Twitter
Telegram
Youtube

Company

About
Contact
Write for us
Advertise with us
Privacy Policy
Cookie Policy
Comment Policy
Editorial Policy
Terms and Conditions
Crypto Portfolio Tracker

Cryptopolitan brings you quality Blockchain and Cryptocurrency news, ICO reviews, crypto technical analysis, and other unique news insiders. We cover Bitcoin news, altcoins news, blockchain projects news, ICO news, regulatory developments and the confluence of news on the leading blockchain technologies.

© 2021 Cryptopolitan. All rights reserved. Terms | Privacy

No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Binance
    • Ripple
    • Ethereum
    • Cardano
  • Guides
  • Regulation
  • Price Index
    • Bitcoin Price
    • Ethereum Price
    • Ripple Price
    • Cardano Price
    • Binance Coin Price
    • Price Prediction
  • Research
  • Scam
  • Events

Copyright © 2020 Cryptopolitan.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.