As per recent reports, the law enforcement authorities from Delhi (India) have started the year with a bang. Now the scammers from the cryptocurrency or online industry have to be very cautious and alert of the Delhi authorities.
It has been confirmed that the Delhi law enforcement authorities have arrested a 60-year-old man. The authorities confirmed that they arrested the 60-year-old man while he was at the Indira Gandhi International Airport. As per the authorities, the arrest of the old man took place on the 31st of December.
The Delhi law enforcement authorities have alleged the 60-year-old man being involved in a crypto-scam. It has been revealed that the old man was the head and the mastermind behind the plan. As a result of the cryptocurrency scam, the alleged was able to collect more than INR25 million. At the time of publishing, the INR25 million translate to around $340,000.
The authorities confirmed that it was the Economic Offences Wing of the Delhi Police that conducted the investigation as well as the arrest. The authorities confirmed that the name of the alleged is UmeshVerma. It has also been confirmed that UmeshVerma’s previous occupation was a greeting card maker and a jeweler.
The authorities confirmed that they managed to arrest the alleged when he arrived in India. Verma had just landed from Dubai to India (Delhi) at the Indira Gandhi International Airport.
The Economic Offences Wing has confirmed that UmeshVerma’s son ‘Bharat’ was also working alongside his father to run the scam. The authorities confirmed that together, both Verm and his son were able to convince hundreds of innocent investors into scams.
As per the authorities, the scam artists convinced investors that if they invested in cryptocurrencies, they would receive promised returns ranging between 20% and 30%. The scheme they had launched to lure the investors was named the Pluto Exchange by the fraudsters.
The authorities revealed that the cryptocurrency exchange would issue investors with cryptocurrency tokens named Coin Zarus against their investments. The scheme was launched by the scammers back in November 2019. The investigations conducted by the authorities showed that a decent number of investors joined the platform as soon as it launched.
However, the returns dried up even before all the investors started receiving their first turnovers. It was reported that UmeshVerma went off the radar right when the investors started complaining about their investments and turnovers.
The authorities confirmed that when they started receiving complaints against UmeshVerma, they started looking for his whereabouts. That is when they established that he had resurfaced in Dubai back in 2018.
The Delhi Police confirmed that the case against the scammer was failed in September 2020 for the misappropriation of funds.