Umesh Verma, known for his cryptocurrency fraud, was arrested at the airport as he set foot in India from Dubai. Verma has been known to trick his victims into investing cryptocurrencies in a stock market he founded. Verma, who has previous convictions for smuggling, had been hiding in Dubai since 2018.
Umesh Verma, who has been charged with cryptocurrency fraud, was arrested at Delhi’s Indira Gandhi International Airport as he arrived in India from Dubai last week. According to the information provided by Bitcoin.com, 60-year-old Verma, who was accused of defrauding at least 45 people for 340 thousand dollars, was caught by Delhi police.
Verma, who is being held by the Delhi Police’s Economic Crimes Unit, is accused of manipulating and misusing investor funds under the cover of cryptocurrency trading. Verma’s fraud investigation has reportedly been ongoing since September 2020.
He’s been arrested for gold smuggling before.
Verma, a graduate of Delhi University, was involved in the jewellery business before launching a cryptocurrency fraud scheme. Verma was arrested in 2017 on gold smuggling charges.
After his release from prison, Umesh Verma along with his son Bharat Verma decided to set up Pluto Stock Exchange in 2017. According to the duo’s own claims, they have launched the first mobile application in India for cryptocurrency trading. After posting promotional videos on the Internet, Verma convinced investors to buy the stock market’s own cryptocurrency.
He’s been holed up in Dubai since 2018
According to the plan, investors would earn 20% -30% monthly from their investments with the cryptocurrency of the Pluto Exchange. In addition, under the pyramid scheme model, investors would also be able to receive commissions when they convinced other people to invest.
After the company failed to meet the promised returns, Verma told users that the price of Bitcoin had fallen and that some of the stock market’s bank accounts had been seized by fraudsters. Verma, who also could not appease users with these discourses, frequently changed addresses and hid to escape the reaction of victims. Verma, who last fled to Dubai in 2018, was arrested almost 2 years later when he re-set foot in India.