New Delhi: The Economic Offences Wing of Delhi Police on Friday informed that Dubai-based absconding kingpin of cryptocurrency fraud (Pluto Exchange) Umesh Verma has been arrested for alluring many people to invest in bogus cryptocurrency.

The 60-year-old person has been arrested in Delhi for allegedly heading a racket that had swindled at least Rs2.5 crore from some 45 people under the garb of being a cryptocurrency promoter. As per updates, he was arrested soon after his arrival from Dubai where he had fled to in 2018, setting up a new business.

A former jeweller and greeting card-maker, Umesh Verma was arrested on Thursday from the Indira Gandhi International Airport based on a case of cheating and misappropriation of funds filed on September 18 this year.

Prior to this, he was also arrested in December 17 by the Directorate of Revenue Intelligence in a gold smuggling case.

The police further informed that Verma along with his son and others induced hundreds into investing in a scheme operating under the name of Pluto Exchange.

Police also updated that the venture of Verma was launched in November 2017 along with the business’s office in the capital’s upmarket Connaught Place locality. This company was being operated like a “chit fund”. The company also allegedly issued units of a cryptocurrency called Coin Zarus in return for investments, assuring investors that the value of these units would increase manifold.

But as the returns dried up and post-dated cheques issued by Verma’s firm began to be dishonoured. However, Verma came under scanner after he kept changing his residential address, ultimately ending up in Dubai where he went on to launch an essential commodities business.