Indian ‘Ripple future’ scam: Losses in excess of 300 million INR

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August 6, 2018 by
Indian ‘Ripple future’ scam: Losses in excess of 300 million INR

Cryptocurrency has gained huge appeal lately. This has, in a way, enhanced the number of crypto scams also. This time around, it’s India’s turn, where a fraudulent crypto investment firm named ‘Ripple future’ has taken care of to hoodwink thousands of crypto enthusiasts to loot 300 million INR!

2 males, who tricked 1800 people into investing their crypto, were nailed in Ghaziabad, Uttar Pradesh. The Indian police claimed in a news release that the two men persuaded individuals that they were based from USA. They supplied engaging returns of 300% to the financiers within a time period of 250 days.

The two males are identified as Gaurav Aneja from Ghaziabad, and Nelson Lobo from Mumbai. They created plans where individuals were allowed to buy crypto in a day-to-day and regular basis. The cops have signed up a case against both under ‘Unfaithful and Criminal Breach of Trust Fund’ of the Indian Penal Code.

As for the Indian Supreme Court is worried, they are yet ahead to a clear conclusion whether or not making cryptocurrencies lawful for trade. However, the regulation compensation has mentioned,

” The Regulation Commission recognized that making use of Cryptocurrencies in on-line gambling is a headache for law enforcement agencies. Most likely, for this reason, Commission did not discriminate in stating VCs together with other e-modes while making basic regulative actions.”

shekar

A mechanical engineer turned journalist, Shekar takes a keen interest in the study and analysis of cryptocurrencies and blockchain strategy. With the cryptocurrency world blooming in the recent days, he finds great interest in monitoring their growth and gathering every possible piece of information about them. He works as a crypto-journalist for the website Cryptoheed.

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