In a recent news, Indian police arrested two people who were running fake cryptocurrency company named ‘Ripple-Future’. As per police reports, around 300 million rupees($4 Million USD) were allegedly duped by felons from 1800 people.
The accused running fake company claimed that they will triple the invested money in just 250 days. Indeed they had daily and weekly payment plan schemes. The news came into light upon receiving a complaint from 50 plus investors. Also, scammers impersonated to be operating from the US but in reality, they were based in Ghaziabad, a city near the country’s capital Delhi.
As per Akash Tomar, superintendent of police (city), providing fake payment schemes are banned in India. Yet the accused have managed to plot a fake company and loot the investors. The two accused Gaurav Aneja, and Nelson Lobo has been filed various criminal charges under Indian Penal Code(IPC). Although police have managed to catch above two other accomplices is at large.
Interestingly, the police have not revealed if there was any sort of connection between fake Ripple-Future with actual XRP-issuer Ripple Labs. But as of now, the police have confiscated the database of the company and probing into the matter.
Although the supreme court has brought a ban on cryptocurrency, the local fraudsters continue to challenge the police authorities in the country. It remains to be seen as what might be the future of cryptocurrency in India and how effectively the crypto scams can be brought to an end
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