Umesh Verma, a 60-year-old man, was arrested at Indira Gandhi International Airport on Thursday arriving from Dubai on charges of cheating at least 45 people for the sum of Rs 2.5 crore in a cryptocurrency scam.
Here’s everything you need to know about the scam
> In 2017, Umesh Vera and her son Bharat Verma established the Pluto Exchange, which apparently launched India’s first mobile app to transact in virtual currencies. At the time, they also held a press conference to launch their scheme where people can buy, sell, store, and spend bitcoins only through a mobile phone number.
> They promised a 20-30% return each month, according to one of 45 investors.
> They also promised an additional commission if an investor attracts more people.
> When the company failed to deliver on its promises, it told its investors that the price of bitcoin plummeted and several of the company’s bank accounts were seized.
> Pluto Exchange then moved its offices to Dubai and launched similar operations in Dubai.
> Umesh Verma originally had a jewelry business. He was also previously arrested in a gold smuggling case.
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