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 massive appeal recently. This has, in a manner, increased the number of crypto frauds as well. This moment, it’s India’s turn, where a fraudulent crypto investment firm called ‘Ripple future’ has actually taken care of to hoodwink countless crypto lovers to loot 300 million INR!

2 men, that fooled 1800 people into investing their crypto, were collared in Ghaziabad, Uttar Pradesh. The Indian police claimed in a press release that both men convinced individuals that they were based out of U.S.A.. They offered compelling returns of 300% to the investors within a time period of 250 days.

Both males are recognized as Gaurav Aneja from Ghaziabad, and Nelson Lobo from Mumbai. They produced plans where the people were permitted to invest in crypto in an everyday as well as weekly basis. The police officers have registered an instance versus both under ‘Dishonesty as well as Criminal Breach of Count On’ of the Indian Penal Code.

Regarding the Indian Supreme Court is concerned, they are yet to come to a clear verdict whether or not to earn cryptocurrencies lawful for trade. However, the regulation payment has stated,

” The Legislation Compensation recognized that using Cryptocurrencies in online gaming is a frustration for police. Possibly, for this reason, Commission did not differentiate in mentioning VCs alongside other e-modes while making basic regulative measures.”


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 Perfect Bitcoins.

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