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 gotten massive popularity recently. This has, in a way, enhanced the number of crypto rip-offs as well. This moment, it’s India’s turn, where an illegal crypto investment company named ‘Ripple future’ has actually taken care of to scam hundreds of crypto lovers to loot 300 million INR!

Two guys, who tricked 1800 people right into investing their crypto, were captured in Ghaziabad, Uttar Pradesh. The Indian cops stated in a news release that the two males persuaded people that they were based out of U.S.A.. They used engaging returns of 300% to the financiers within a time period of 250 days.

Both men are determined as Gaurav Aneja from Ghaziabad, and also Nelson Lobo from Mumbai. They created schemes where individuals were allowed to buy crypto in a daily and also weekly basis. The police officers have registered a case versus the two under ‘Dishonesty and Criminal Breach of Trust’ of the Indian Penal Code.

Regarding the Indian High court is concerned, they are yet ahead to a clear conclusion whether or not to earn cryptocurrencies lawful for profession. However, the legislation commission has mentioned,

” The Law Payment recognized that making use of Cryptocurrencies in on-line betting is a frustration for law enforcement agencies. Probably, for this reason, Commission did not differentiate in pointing out VCs alongside various other e-modes while making common regulative actions.”


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 possibleA piece of information about them. He works as a crypto-journalist for the website Abitcoinresource.

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