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 large appeal recently. This has, in a manner, enhanced the variety of crypto frauds also. This time around, it’s India’s turn, where an illegal crypto investment firm named ‘Ripple future’ has actually taken care of to scam hundreds of crypto lovers to loot 300 million INR!

Two guys, who misleaded 1800 individuals into investing their crypto, were nailed in Ghaziabad, Uttar Pradesh. The Indian police said in a news release that both males persuaded people that they were based from UNITED STATES. They supplied engaging returns of 300% to the financiers within a time span of 250 days.

The two men are identified as Gaurav Aneja from Ghaziabad, and Nelson Lobo from Mumbai. They created systems where the people were allowed to buy crypto in an everyday and weekly basis. The polices have registered a case versus the two under ‘Cheating and also Criminal Violation of Depend On’ of the Indian Penal Code.

As for the Indian High court is worried, they are yet to come to a clear final thought whether making cryptocurrencies legal for trade. However, the law commission has stated,

” The Law Compensation recognized that making use of Cryptocurrencies in online gaming is a headache for police. Most likely, because of this, Commission did not discriminate in discussing VCs alongside various other e-modes while making standard regulatory procedures.”

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