India’s Delhi High Court Denies Bail in Major Crypto Scam Case

The Delhi High Court has refused bail to Umesh Verma, the alleged mastermind behind a cryptocurrency fraud tied to Dubai's Pluto Exchange. Justice Girish Kathpalia emphasized the economic risks posed by such schemes, citing their potential to convert legitimate funds into untraceable assets.

Verma stands accused of defrauding 61 investors with promises of 20-30% monthly returns on crypto investments, despite India's regulatory stance against cryptocurrencies. Arrested in December 2020, he now faces immediate surrender orders after failing to honor multiple settlement agreements during a two-year mediation process.

The case, initiated by investor Joginder Kumar's $5,825 loss, has exposed total damages nearing $58,230. Court documents reveal Verma's history of 13 similar offenses, prompting the judge to label him a flight risk. This ruling underscores India's hardening judicial approach toward crypto-related financial crimes.