Cryptocurrency exchange under investigation after $200,000 fraud
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Answer Cryptocurrency exchange under investigation after $200,000 fraud
Indian police are investigating a New Delhi-based crypto company that offers a cryptocurrency exchange called Pluto Exchange, after it was accused of fraud of 2 crore rupees, or about $270,000, from 43 investors, according to the Indian police. for a local report.
The Delhi Police Economic Crimes Wing suspects that Pluto exchange founder and director Bharat Verma lured clients by asking them to invest in a new cryptocurrency, convincing investors that they were running a massive crypto-mining operation under f2poolminin.
According to Delhi police, Bharat Verma worked with seven others, promising clients a fixed return of up to 30% per month on their investments, and also offered commissions for recruiting other investors.
One of the investors, Mr. Joginder Kumar, who complained to the Delhi Police, stated that after investing Rs 5,000 ($6,000) he did not receive the returns he was expecting within a month.
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When Kumar brought this up with representatives of the crypto company, they cited the weak Bitcoin prices and that Indian banks had confiscated the company’s bank accounts, causing delays in Kumar’s payments.
In his statement in the report, Kumar added that he waited for a long time, and in the end he did not receive any money.
Kumar also claimed that he visited the office of the crypto company to find that the company had moved to Dubai, United Arab Emirates.
The report stated that Kumar was one of the many who invested their money in this shady company.
Kumar alleged that director Bharat Verma was able to earn 50 crore rupees (about $6 million) as part of defrauding investors, but the report did not say whether the Indian police confirmed this figure.
But what is certain is, after the police received complaints from about 43 investors such as “Kumar”, they were able to calculate the money lost in the scam, which amounted to about $200,000, according to the report.
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The same report did not confirm the whereabouts of “Bharat Verma” and his companions.
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