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 actually obtained large appeal recently. This has, in a way, increased the variety of crypto scams too. This time around, it’s India’s turn, where a deceptive crypto investment firm called ‘Ripple future’ has managed to hoodwink hundreds of crypto enthusiasts to loot 300 million INR!

Two males, who tricked 1800 people into spending their crypto, were collared in Ghaziabad, Uttar Pradesh. The Indian police stated in a news release that both men persuaded individuals that they were based from U.S.A.. They supplied engaging returns of 300% to the investors within a time span of 250 days.

Both males are determined as Gaurav Aneja from Ghaziabad, as well as Nelson Lobo from Mumbai. They created plans where individuals were enabled to invest in crypto in a day-to-day and also weekly basis. The polices have registered a case versus both under ‘Cheating as well as Criminal Breach of Trust’ of the Indian Penal Code.

As for the Indian Supreme Court is worried, they are yet to find to a clear verdict whether or not to earn cryptocurrencies lawful for profession. However, the legislation payment has actually mentioned,

” The Legislation Compensation acknowledged that using Cryptocurrencies in online gambling is a migraine for law enforcement agencies. Most likely, consequently, Compensation did not discriminate in pointing out VCs together with various other e-modes while making standard regulative steps.”


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 Coineset.

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