Victor Ugochukwu · Dec 14, 2020 . 5min read
Indian Police begin investigations on a $270K Pluto Cryptocurrency Exchange Scam
Bharat Verma and his co-conspirators allegedly scammed 43 investors defrauding them of over $270,000 in a Pluto Crypto Exchange scam.
By Victor Ugochukwu · Sep 23, 2020 . 5min read
The Indian Police authority has begun investigations into Pluto crypto exchange where investors allegedly claim they lost up to $270,000.
According to a recent report published by Millenium Post, Bharat Verma and his co-conspirators allegedly scammed 43 investors. These lots have filed criminal complaints against Pluto, and the authorities are now looking into it.
As the ongoing investigations have shown, the operators met Kumar, one of the investors promoting their exchange as an investment opportunity. They assured him of steady returns of up to 20 to 30% every month. As the complainant said in the report,
“The suspect told me he is doing business of crypto trading and crypto mining through his mining company F2poolminin and told me that if he brought more clients to his company he will give me a commission,”
However, Kumar did not receive even a single month proceeds from his investment. Inquiring why it turned out so, Bharat Verma whom the complainant described as “Exchange Official” made some excuses. Bharat said they were unable to fulfil their obligations because of the fall in bitcoin price and seized account.
Subsequently, Kumar decided to go check things out for himself in the exchange’s Connaught office where he found out it has relocated to Dubai. Apparently, he also found out his case wasn’t peculiar as 42 other persons had the same issue as himself. According to the Indian Police, Pluto exchange made away with over $270,000.
India already proposed a bill to ban crypto trading.
Earlier, we reported on the possibility of India placing a ban on crypto trading. Although India’s Central Bank cited tax evasion as part of its reasons for considering this drastic measure, issues like this also contribute to the prevalent situation. India cracks down on erring individuals who engage in illicit acts, and this is one of them. As per a Cointelegraph report, Indians lost more than $500 million to cryptocurrency scams between 2017 to 2019. This case adds to the volume of crypto scams Indians have had to suffer.
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