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Delhi police are reportedly investigating a cryptocurrency exchange and its executives allegedly mislead Indian investors after receiving multiple complaints. The complainants also allege that the company moved abroad without returning their investments.
Police Investigate Crypto Scam After Multiple Complaints
Forty-three people have filed complaints with the Delhi police regarding a cryptocurrency investment program based in Connaught Place, a financial center in New Delhi, the local news agency Millennium Post reported this week.
The Economic Crime Wing of the Delhi Police subsequently launched an investigation into Pluto Exchange and seven of its executives, which investors identified as responsible for the plan.
According to police, one of the suspects told a complainant, Joginder Kumar, about his mining and cryptocurrency business operating under the name “f2poolminin” and a cryptocurrency that he and another suspect had launched. He urged Kumar to invest in the cryptocurrency, assuring him that he had a fixed return of around 20% to 30% per month. “[He] he told me that if he brought more clients to his company he would give me a commission, ”the publication also said, citing Kumar.
After investing Rs 5 lakh ($ 6,780) but never receiving any payment he was promised, Kumar took the matter to a Pluto Exchange official. However, he was told that due to the drop in bitcoin’s price and the size of his account, the company was unable to pay for it through his bank. Kumar was told to wait a few more months. However, after waiting a long time, nothing has yet been paid.
Kumar then went to the exchange office near Connaught Place and found that he had moved from India to Dubai. “I found it [there are] many people like me who have invested their money in the company. The director raised around Rs 50 crore [$6.78 million] in the name of the cryptocurrency business, “Kumar described.
According to the police, 43 people have so far filed a complaint at the Economic Offenses Wing police station. Preliminary investigations and evidence presented by the complainants show that they have invested more than Rs 2 crore in the owner-run cryptocurrency scheme of Pluto Exchange.
In December 2017, Dubai-based Pluto Exchange announced it was launching a cryptocurrency trading app in India. While a listing for Pluto Exchange is available on the Google Play Store, several users have complained that the app was not working in 2018 and there hasn’t been a more recent review since. As of this writing, the exchange’s website is no longer active.
Pluto Exchange CEO and founder Bharat Verma told The Hindu Businessline in February 2018 that his exchange offered cryptocurrency trading for major cryptocurrencies, such as BTC, BCH, LTC, ETH and DASH, with a plan to provide support. in rupees linked to bank accounts in the future.
However, India’s central bank, the Reserve Bank of India (RBI), issued a circular banning banks from providing services to cryptocurrency businesses in April 2018. It caused INR support to be suspended across all cryptocurrency exchanges in India and started offering peer-to-peer (P2P) trading services. The RBI’s banking ban on cryptocurrencies was overturned by the supreme court in March. Meanwhile, cryptocurrencies, including bitcoin, have never been banned in India.
What do you think of this crypto scam? Let us know in the comments section below.
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