Home News Indian Police Bust ‘Ripple Future’ Scam Worth Rs 30 Crore

Indian Police Bust ‘Ripple Future’ Scam Worth Rs 30 Crore

Although the Reserve Bank of India may play as the party pooper when it comes to cryptocurrencies, it has not deterred conmen and scammers from trying to take advantage of gullible people.

Indian police has arrested two people and busted a scam worth Rs 30 crore. The amount was duped out of close to 1,800 people.

The accused was running a cryptocurrency company called the Ripple futures which promised to triple money over the course of 250 days. Apart from that, there were daily and weekly payment schemes. Although the company was allegedly headquartered in the United States of America, the operation offices were located in Ghaziabad, near New Delhi.

The Superintendent of Police (City) Akash Tomar told news outlet NDTV, that they arrested the duo on the basis of a tip-off when 50 people filed a complaint against them.

Although Gaurav Aneja, a native of Sahibabad city in Uttar Pradesh’s Ghaziabad district, and Nelson Lobo from Mumbai were nabbed in Vasundhara area, one accomplice is still at large.

Tomar added, “The data base of the company has been seized to probe the case. An FIR has been lodged under Section 420 (cheating) and Section 406 (criminal breach of trust) of the Indian Penal Code (IPC).”

So far, the police have not clarified whether this company has any affiliation with the company Ripple.

This is not the first-of-its -kind scam in Indian history. Recently, Bollywood stars, cricketers and even politicians have allegedly been embroiled in scams pertaining to cryptocurrencies.

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A blockchain enthusiast, a wannabe-crypto investor and an all-around enthusiast! Loves travelling, especially to ASI-protected areas, believes in giving her best shot at everything she does! Definitely an introvert.

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