The scam & # 39; Ripple Future & # 39; claims the collapse of INR 30 between regulatory tensions

Recently, two men were arrested in the Indian Ghaziabad with the charge of having deceived about 1800 investors. This was part of a scam in crore of the INR 30 created using a fictitious cryptocurrency company known as Ripple Future.

The arrest was the result of 50 investors filing a police complaint for a company that was supposed to be based in the United States and promised investors that they would triple their deposits in 250 days. This included daily and weekly payment patterns deemed illegal in the country.

The accused were Gaurav Aneja, from Ghaziabad in Uttar Pradesh and Nelson Lobo from Mumbai. The total fraud was about 30 crores of rupees, with one of the defendants still at liberty.

The scammers were booked in Section 420 [Cheating] of the Indian Penal Code, along with Section 406 [Criminal Breach of Trust]. In addition, the company database was seized to aid in the investigative process of the scam

The regulatory reports in the country are still a sensitive subject, since the Supreme Court is still deciding whether to treat cryptocurrencies as negotiable resources. However, the Indian bill said that the cryptocurrencies are on par with the electric money for payments. They said:

"The Law Commission has acknowledged that the use of cryptocurrencies in online gambling is a problem for the forces of order, which is probably why the Commission does not it discriminated against mentioning VCs in conjunction with other e-ways, adopting standard regulatory measures. "

However, space experts are taking more account of the subcontinent. # 11 cryptocurrency Tron [TRX] plans to expand its operations with an office in India. In addition, the co-founder of Ethereum [ETH] Joseph Lubin, has issued positive statements regarding cryptocurrencies in India. In an interview with Economic Times, he said:

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

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Anirudh VK is a full-time journalist at AMBCrypto. He has a passion for writing and an interest in the future of blockchain and cryptocurrency technology. At the moment it does not possess cryptocurrencies.