In India, one more STO cryptocurrency scam has taken place and alleged hoodwinked investors of thousands of dollars. The administrator of Pluto Exchange, a Delhi-based security token investment trading company is indicted of duping 43 investors. The scam is said to be worth more than US $272,000.The reports from a local media agency Millennium Post said that43 investors have filed a complaint against the trading platform and a probe has been launched against Pluto Exchange operators by the Delhi Police under its Economic Offence Wing (EOW).

The investors were reportedly decoyed by the founder of Pluto Exchange, Bharat Verma and a few others by claiming that they were handling STO in crypto exchange and mining operations under the firm named F2poolminin. This lucrative decoy offered a scheme which would offer returns of 20–30% each month as stated by one of the 43 investors, Joginder Kumar when he first met the administrators of Pluto Exchange.

The under-probe suspects had additionally guaranteed Kumar more commission if Kumarfetched more individuals to invest in the scheme as revealed in a statement circulated by the Delhi Police. Even after investing over $6,500, Joginder Kumar had not received any kind of returns upon which he met the Founder of Pluto Exchange who rationalized that BTC values had been nosediving and many of the platform’s bank accounts were removed and thus could not pay any returns.

As of now, Pluto Exchange has moved its workplace from India to Dubai. Kumar claims that the director of Pluto Exchange has amassed over $6.8 million for the crypto venture. Crypto scam attacks on Indian investors have increased in number since the last few years. Indian investors have lost over $500 million to digital currency scams run inside the country and abroad between 2017 and 2019.

Disclaimer

The information provided through the above Content is for informational purposes only. The Content is not intended to be, and does not, constitute financial advice or any other advice. You should consult with a financial professional to determine what may be best for your individual needs. We do not make any guarantee or other promise as to any results that may be obtained using our Content. To the maximum extent permitted by law, we disclaim any and all liability in the event any information, commentary, analysis, opinions, advice, and/or recommendations prove to be inaccurate, incomplete, or unreliable or result in any investment or other losses.

Crypto Business World

CBW - External Analyst

INDIA