Indian cryptocurrency exchange “Pluto” allegedly scammed users of Rs.2 Crore. According to Millennium Post nearly 43 users were scammed by Pluto exchange which was running from Connaught Place, New Delhi, India. Economic Offences Wing of the Delhi Police has started its investigation and is searching for the director and other people involved in running Pluto exchange. According to the complainant, the exchange promised him and other users of a fixed 20-30% return each month on their investment.
Pluto was an Indian cryptocurrency exchange started in 2017 by Bharat Verma. Pluto launched its crypto trading app also which they claimed as 1st App-Based wallet/exchange in India. The company also claimed that its app is the first app-based wallet that enables Bitcoin transactions using mobile numbers. Pluto tried to create lots of hype in the Indian market upon launch by publishing paid articles on big news websites like The Hindu, Hindustan Times, The Times Of India, and others. Though they were not able to attract enough traders on their platform. Plutos also had plans to launch its own ICO in 2018. Pluto exchange app can still be found on Google Play Store but the website is now down.
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One of the complainant “Joginder Kumar” told police
The suspect told me he is doing business of crypto trading and crypto mining through his mining company F2poolminin and told me that if i brought more clients to his company he will give me a commission. After not getting my returns, I met Bharat Verma . He told me due to down rates of bitcoin and due to seized accounts, they are unable to give me return through the bank so he told me to wait for few more months. I found that lots of people like me invested their money in the company. The director collected approximately Rs 50 crore in the name of the cryptocurrency business.Joginder Kumar
Joginder Kumar had invested Rs.5 lakhs in Pluto exchange and after not getting any returns or his investment, he visited Pluto exchange’s office in Connaught Place and found that the office is closed and told to be moved Dubai. According to Police 43 users have files complained against Pluto exchange in the police station. On primary investigation, it is noticed that more than Rs.2 crore is scammed and was invested by the 43 complainants.