Indian ‘Ripple future’ scam: Losses in excess of 300 million INR
Cryptocurrency has gained massive popularity lately. This has, in a way, increased the number of crypto scams as well. This time, it’s India’s turn, where a fraudulent crypto investment company named ‘Ripple future’ has managed to hoodwink thousands of crypto enthusiasts to loot 300 million INR!
Two men, who fooled 1800 people into investing their crypto, were apprehended in Ghaziabad, Uttar Pradesh. The Indian police said in a press release that the two men convinced people that they were based out of USA. They offered compelling returns of 300% to the investors within a time span of 250 days.
The two men are identified as Gaurav Aneja from Ghaziabad, and Nelson Lobo from Mumbai. They created schemes where the people were allowed to invest in crypto in a daily and weekly basis. The cops have registered a case against the two under ‘Cheating and Criminal Breach of Trust’ of the Indian Penal Code.
As far as the Indian Supreme Court is concerned, they are yet to come to a clear conclusion whether or not to make cryptocurrencies legal for trade. However, the law commission has stated,
“The Law Commission recognized that the use of Cryptocurrencies in online gambling is a headache for law enforcement agencies. Probably, for this reason, Commission did not discriminate in mentioning VCs alongside other e-modes while making standard regulatory measures.”
Image via Shutterstock
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