Indian Police Comes into Action Against Another $270K Cryptocurrency Scam

Indian Police Comes into Action Against Another $270K Cryptocurrency Scam

According to local Indian news sources, it has been reported that new scam relating to crypto exchange has emerged on the surface wherein many of the investors’ money has been looted by scammers by hacking into the country’s famous cryptocurrency exchange firm.

India, which is infamous for housing the huge number of scammers and hackers, once again made the headlines. It has been reported that another scam has been committed in the country where thousands of US dollars have been stolen from various investors.

Pluto Exchange, which is the country’s one of the most popular cryptocurrency exchange platform, and which is over-populated with a huge number of crypto investors, has been accused by the Indian Government’s law enforcement agencies, to illegally and fraudulently duping its customers and as a result, stolen cryptocurrency worth over US$ 272,000/-.

According to reports, the Economic Offence Wing of the Delhi Police has launched a full-fledged probe into the matter and is searching for the culprits who were alleged to be the operators of the scam exchange and managed to steal the funds. Apparently, 43 claimants who were registered members of the Pluto Exchange have launched their complaints against the exchange with the EOW of Delhi Police.

It is reported that an individual named Bharat Verma was the one who founded the exchange. The alleged accused was assisted by many of his accomplices who devised a Ponzi scheme under the name “F2poolminin” which and thereby enticed potential investors from the general public to become part of the scheme by saying that they were operating cryptocurrency mining operations. In this case, interestingly the perpetrators of the crime were found to be meeting with the potential customers in person, which though is quite rare as compared with scams happening in other parts of the world. Most of the scammers use made-up names and avoid establishing direct contact with the victims. 

However, the culprits are still absconding and EOW of Delhi Police has started a thorough probe into the matter and is currently looking to catch them. At present Pluto Exchange has shifted its office to Dubai.