RATE Group | Indian police bust $4M ‘Ripple Future’ cryptocurrency scam
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Indian police bust $4M ‘Ripple Future’ cryptocurrency scam

03 Aug Indian police bust $4M ‘Ripple Future’ cryptocurrency scam

Posted at 10:14h in Cryptocurrency News by

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The Reserve Bank of India (RBI) ruling may have killed legitimate cryptocurrency businesses in the country, but it seems the regulatory clampdown hasn’t deterred local fraudsters and con artists.

In the latest crypto-bust, Indian police arrested two suspects for allegedly duping 300 million Indian Rupees ($4 million approximately) from 1,800 people, Press Trust of India (PTI) reports.

The accused were running a fake cryptocurrency company named ‘Ripple XRP Future,’ which promised to triple investor money in 250 days, and also ran daily and weekly payment schemes. The Ripple Future management team claimed the company was headquartered in the US, but Indian police found out the founders actually operated the fraudulent undertaking from Ghaziabad, a city near the country’s capital Delhi.

The police official in charge of the case told local outlet NDTV that the arrests were made on the basis of complaints filed by around 50 different…

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