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 obtained enormous appeal recently. This has, in a way, increased the number of crypto scams also. This time, it’s India’s turn, where a fraudulent crypto investment company named ‘Ripple future’ has actually managed to hoodwink countless crypto fanatics to loot 300 million INR!

2 guys, who fooled 1800 individuals right into investing their crypto, were captured in Ghaziabad, Uttar Pradesh. The Indian police said in a press release that the two men convinced individuals that they were based from UNITED STATES. They supplied engaging returns of 300% to the investors within a time span of 250 days.

The two guys are determined as Gaurav Aneja from Ghaziabad, as well as Nelson Lobo from Mumbai. They developed systems where individuals were allowed to invest in crypto in an everyday and regular basis. The police officers have signed up a case versus both under ‘Cheating as well as Criminal Breach of Count On’ of the Indian Penal Code.

As for the Indian Supreme Court is concerned, they are yet to find to a clear conclusion whether or not to make cryptocurrencies legal for trade. Nevertheless, the legislation compensation has stated,

” The Legislation Payment acknowledged that making use of Cryptocurrencies in online gaming is a migraine for police. Possibly, for this reason, Payment did not discriminate in stating VCs alongside various other e-modes while making standard regulative procedures.”


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 1Bigbitcointeam.

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