“A Threat to the Financial System”: An Indian Court Takes a Hard Line on Crypto Crime
2025-07-15 10:59:20
Main Idea
The Delhi High Court denied bail to Umesh Verma, a businessman accused of defrauding investors through a crypto scheme, citing the complexity and severity of crypto-related offenses and his history of fraud.
Key Points
1. Umesh Verma, founder of Dubai-based Pluto Exchange, was accused of defrauding 61 investors, with total losses estimated at ₹50 lakh (~$58,200).
2. The court ruled Verma a 'flight risk' due to his fraudulent activities and the untraceable nature of crypto transactions.
3. India's crypto regulatory landscape has shifted, including a 30% tax on crypto gains and inclusion under the Prevention of Money Laundering Act in 2023.
4. The Reserve Bank of India's 2018 crypto ban was overturned by the Supreme Court in 2020, but courts continue to take strict action against crypto-related fraud.
Description
The Delhi High Court in India has denied bail to a businessman accused of a major crypto investment fraud The judge warned that such schemes can turn legitimate funds into “dark, unknown, and untraceable money” The ruling comes as India’s courts are pushing for a comprehensive regulatory framework for crypto The Delhi High Court in India denied bail to Umesh Verma, a businessman accused of defrauding 61 people through a crypto investment scheme, with the judge issuing a stark warning that such s...
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