Delhi High Court's Verdict: Crypto's Dark Side Unveiled

The Delhi High Court denied bail to businessman Umesh Verma in a crypto-related scam, citing the profound economic implications and risks associated with cryptocurrency. Verma is accused of deceiving 61 investors with promises of lucrative returns and is involved in multiple similar cases, raising flight risk concerns.

Devdiscourse News Desk | New Delhi | Updated: 14-07-2025 18:26 IST | Created: 14-07-2025 18:26 IST

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The Delhi High Court has made a significant ruling on the economic implications of cryptocurrency, denying bail to a businessman involved in a multi-million scam. Justice Girish Kathpalia emphasized the risks posed by transforming recognized currencies into 'dark, untraceable money.'

Businessman Umesh Verma was taken into custody, accused of a scam related to Dubai-based crypto enterprise Pluto Exchange. Despite being out on interim bail, Verma faced charges of misleading 61 investors with promises of hefty returns, continuing even after crypto was derecognized.

The court, highlighting Verma's involvement in numerous similar cases, labeled him a potential flight risk. The prosecution argued his financial influence and recurring offenses heightened the risks, as Verma was directed to surrender to authorities promptly.

(With inputs from agencies.)