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October 4, 2022
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– Bitcoin, cryptocurrencies and blockchain technology.

Another scam – this time from India – has collapsed. It was headed by a 60-year-old – Umesh Verma, a former jeweler and producer of greeting cards. On New Year’s Eve he was detained by the Delhi police.

60-year-old and cryptocurrency scam

The former jeweler and his son Bharat started a scam that was based on cryptocurrency. Both managed to persuade as many as several hundred people to invest in their Pluto Exchange, promising in return monthly profits of as much as 20 to 30 percent.

The whole thing was based on a digital currency called Coin Zarus. Father and son claimed it was a cryptocurrency, but in fact it was probably a digital token – something like digital points. These could be bought from them in return for an investment in Pluto. The problem is that the whole thing turned out to be a pyramid that only works for a while. The program was launched in November 2017, but it quickly stopped paying out promised profits. Verma himself has disappeared and was previously last seen in 2018.

The victims reported to the services, but the police started their actions very late. In September 2020, the Delhi branch officially launched proceedings for the misappropriation of investors’ funds by Verma. On New Year’s Eve, he was arrested.

An “innovative” application

According to a Hindustan Times article, Pluto Exchange promoted its mobile app. As the creators claimed, it was the first software in India that was dedicated to cryptocurrencies. With the “app” it was possible to buy, sell and store Bitcoin (BTC) using only a mobile number.

Interestingly, Verma himself has already had problems with breaking the law. Earlier, he was arrested in December 2017. The plaintiff? Gold smuggling.

It is worth recalling that the attitude of the Indian authorities towards cryptocurrencies is not clear-cut. For example, the country’s central bank banned commercial banks from operating cryptocurrency exchanges a few years ago. Last year, the Supreme Court lifted the ban.

Unfortunately, the actions of the authorities have already led to irreparable losses. According to new research, Indian citizens are not quite willing to invest in Bitcoin. It is about a certain fear of such an investment. Additionally, they believe that buying BTC is difficult.

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