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 huge popularity lately. This has, in such a way, increased the number of crypto rip-offs too. This time, it’s India’s turn, where a deceptive crypto investment firm called ‘Ripple future’ has actually taken care of to hoodwink hundreds of crypto enthusiasts to loot 300 million INR!

2 guys, who misleaded 1800 individuals right into investing their crypto, were nailed in Ghaziabad, Uttar Pradesh. The Indian cops stated in a news release that the two males convinced people that they were based out of UNITED STATES. They provided compelling returns of 300% to the investors within a time span of 250 days.

Both men are determined as Gaurav Aneja from Ghaziabad, and also Nelson Lobo from Mumbai. They developed schemes where individuals were permitted to invest in crypto in a daily as well as regular basis. The cops have actually registered an instance versus the two under ‘Dishonesty and Criminal Violation of Trust’ of the Indian Penal Code.

As far as the Indian Supreme Court is concerned, they are yet to come to a clear verdict whether to earn cryptocurrencies legal for profession. However, the legislation compensation has stated,

” The Legislation Payment recognized that making use of Cryptocurrencies in on-line betting is a headache for law enforcement agencies. Most likely, therefore, Commission did not discriminate in stating VCs alongside other e-modes while making common regulatory 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 Ripplechatroom.

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