Another Cryptocurrency Fraud Uncovered in India

The scammer tricked 45 people into promising ¼-⅕ profits for investing in a new cryptocurrency. More than $ 350,000 stolen

The scammer was Umesh Verma, 60, a resident of India, who created the Pluto Exchange website and application to attract investment in cryptocurrencies. He offered to invest in Coin Zarus.

The fraud was organized on a grand scale. The scheme involved the son of Umesh Verma and a number of other people. A large-scale advertising campaign was carried out to attract attention to Coin Zarus.

The advertisement attracted 45 businessmen from Delhi to the project. However, they never saw the promised interest and their money. As the deadline drew near, the scammer sent out expired or invalid checks to victims.

After the site was compromised, Umesh Verma changed his place of residence several times and then fled to Dubai. On his return to India, he was arrested by the police right at the airport. By the way, this is not the first fraud on Verma's account. Earlier, in 2017, he was already arrested for gold smuggling.

India is no stranger to scams and scams. We recently wrote about the kidnapping of an 8-year-old boy. The scammers requested 100 BTC to return the child, but were caught when the police overtook them.