India-based Pluto Exchange Allegedly Involved in Crypto Scam

India has been the scene of widespread cryptocurrency fraud in recent years.

Pluto Exchange launched India’s first bitcoin trading app in 2017. Now, the Dehli-based cryptocurrency exchange is allegedly in the centre of a cryptocurrency scam involving about $270,000, reported Cointelegraph.

It is reported that the operator of Pluto Exchange has allegedly been involved in scamming 43 investors out of cryptocurrency worth hundreds of thousands of US dollars. Consequently, the Delhi police have begun a probe into the allegations to test their actuality. Pluto Exchange founder Bharat Verma supposedly lured investors into a crypto trading and mining venture under a fake name. He encouraged the said investors to attach their capital to this fake company.

One investor said representatives of this fake company had assured them the investments would offer a return of 20%-30% monthly. But after investing, no updates came from the Pluto Exchange representatives. Then Verma approached the investors one day and told them they had not been able to pay out due to Bitcoin’s plummeting price.

Millenium Post further reports that after not hearing from the representatives for a while, one of the investors had visited the Delhi offices of the supposed company, only to find that the company had allegedly moved its offices to Dubai.

Previously, Cointelegraph had reported that India had been experiencing a vast amount of cryptocurrency scams in the past few years. Opportunists have abused the increased popularity of cryptocurrency in India as well as the incremental increase in Bitcoin’s value.

Cryptolydian recently reported that the Indian government was seriously contemplating a complete ban of cryptocurrency trading in the country. This is due to the aforementioned reasons of widespread fraudulent activity involving digital assets.

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Raïs Tarek 87 Articles
Journalist and lawyer, with a passion for global politics, economics and current affairs.