India, July 15 -- The Delhi high court on Monday denied bail to a businessman accused of duping over 50 people of nearly Rs.50 lakh through fraudulent cryptocurrency investments, observing that such dealings have a "profound impact on the economy by dissolving legitimate currency into dark, unknown, untraceable money".

Justice Girish Kathpalia made the remarks while hearing the bail plea of Umesh Verma, owner of Dubai-based Pluto Exchange, who was arrested in December 2020 in a cheating case registered by the Economic Offences Wing (EOW).

The case was filed by Joginder Kumar, who alleged that Verma lured him into investing Rs.5 lakh in cryptocurrency, promising monthly returns of 20-30%. Kumar later discovered that dozens of others had ...