‘Ripple Future’ scam claims INR 30 crore amidst regulatory tensions

By August 3, 2018Ripple
Click here to view original web page at ambcrypto.com
'Ripple Future' scam claims INR 30 crore amidst regulatory tensions

Recently, two men were arrested in India’s Ghaziabad on a count of duping around 1800 investors. This was part of an INR 30 crore scam set up using a fake cryptocurrency company known as Ripple Future.

The arrest was in result of 50 investors lodging a complaint with the police over a company that was supposedly based in the United States and promised investors that they would triple their deposits over 250 days. This included daily and weekly payment schemes which are deemed illegal in the country.

The accused were Gaurav Aneja, from Ghaziabad in Uttar Pradesh, and Nelson Lobo from Mumbai. The total haul of the scam was around 30 crore rupees, with one of the accused still at large.

The scammers were booked under Section 420 [Cheating] of the Indian Penal Code, along with Section 406 [Criminal Breach of Trust]. Moreover, the database of the company has been seized to help with the investigation process of the scam.

Regulatory relations in the country are still a sensitive subject, as the Supreme Court is still deciding on whether or not to treat cryptocurrencies as tradable assets. However, the law commission of India has stated that cryptocurrencies are on par with electrical money for payments. They 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.”

However, experts in the space are taking more notice of the subcontinent. #11 cryptocurrency Tron [TRX] plans to expand their operations with an office in India. Moreover, the co-founder of Ethereum [ETH], Joseph Lubin, has made positive statements concerning cryptocurrencies in India. In an interview with Economic Times, he stated:

“Once people explain things to you and you see the power of technology, you also understand that it can protect systems better. I am fully confident that this country will embrace profound technology,”

Leave a Reply