A 60 year-old man was arrested at Indira Gandhi Worldwide Airport in Delhi on Dec. 31, for allegedly heading a 25 million rupee ($340,000) cryptocurrency rip-off.

Umesh Verma, a former jeweller and greeting card maker, was held by the Financial Offences Wing of Delhi police after arriving from Dubai.

Police allege that Verma, alongside along with his son Bharat, satisfied tons of to put money into a scheme going by the identify of Pluto Trade, promising month-to-month returns of 20 to 30%.

The scheme issued a ‘cryptocurrency’ referred to as Coin Zarus in alternate for investments. Nonetheless, shortly after the scheme launched in November 2017, returns dried up and Verma reportedly dropped off the radar, ultimately resurfacing in Dubai in 2018.

Delhi police filed a case of misappropriation of funds towards Verma in September this 12 months, resulting in his New Yr’s Eve arrest.

Based on a report by the Hindustan Occasions, Pluto Trade additionally launched India’s first cellular app for cryptocurrency, promising the power to purchase, promote and retailer Bitcoin (BTC) utilizing solely a cellular quantity.

Verma had beforehand been arrested in December 2017 over an unrelated gold smuggling case.

The Indian Supreme Courtroom this 12 months lifted a central financial institution ban on banks coping with cryptocurrency companies. Nonetheless, a latest survey urged that almost all traders within the nation nonetheless see no straightforward strategy to achieve publicity to crypto property.