Overview

• The Delhi High Court ordered Umesh Verma to surrender after denying his bail plea in a ₹50 lakh fraud case linked to Dubai’s Pluto Exchange
• Justice Girish Kathpalia warned that cryptocurrency dealings can dissolve recognised money into dark, unknown and untraceable assets with systemic implications
• The court noted that Verma duped 61 investors with promises of 20–30% returns and continued soliciting funds even after crypto was derecognised in India
• Judges highlighted Verma’s involvement in at least 13 similar cases, underscoring his flight risk and the prospect of lengthy incarceration
• The verdict heightens judicial pressure on Delhi and central governments to enact clear virtual asset laws following repeated delays