Indian authorities are reportedly investigating a cryptocurrency exchange scam that allegedly duped 43 investors out of more than $270,000 through supposed cryptocurrency investments.

According to local news outlet Milenium Post, the Economic Offence Wing of the New Delhi Police is now investigating the operators of the Pluto Exchange, after receiving a complaint from 43 investors regarding the platform.

The founder of Pluto Exchange, Bharat Verma, allegedly lured investors into a scheme along with others, saying they were running cryptocurrency trading and mining operations under the company “F2poolminin.” Joginder Kumar, one of the investors, claimed he first met Pluto Exchange’s operators in Delhi’s Connaught Place.

There, they reportedly told him about the cryptocurrency investment scheme, which would offer a 20 to 30% return per month. The suspects also promised added commissions for bringing in more people into the scheme.

Kumar invested $6,500 and ended up seeing no returns. Verma told him the seizure of the company’s bank accounts and BTC’s negative price action forced them to withhold investors’ payouts, prompting the complaints.

Pluto Exchange has since reportedly moved its offices from India to Dubai. The director of the company, according to Kumar, collected over $6.8 million from the exchange.

As CryptoGlobe reported, India is planning on introducing a new law to ban cryptocurrency trading in the country, a move that would be a blow to the rapidly growing cryptocurrency scene in the country. The trading ban, could affect over 1.7 million Indians trading crypto, and a rising number of firms setting up platforms in the country.

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