Indian police clears fraud crypto company

Posted 02 August, 2018

The Reserve Bank of India is standing against the cryptos putting the threat for the cryptocurrencies companies, but its stance can bring some fruits as well.

According to the news reports, Indian law enforcement forces arrested two persons that are suspected in the heist of INR 300 million ($4 million) hold by 1,800 investors.

Specifically, these two men set up a fake company called Ripple Future offering their clients a 3-fold profit based on the deposits within 250 days. Moreover, they have also presented the daily and weekly payment schemes. The company management stated the Ripple Future headquarters in the USA, but the police found out that it was located in India's Ghaziabad.

As stated the police spokesperson, the company was discovered and the suspects were arrested after the complaint of 50 investors that had not received their payoffs. Notably, the number of victims from this fraud scheme can reach 1,800 clients. The arrested individuals are charged with several articles of the penal code of India.

There is no information whether the XRP coin is somehow connected with the activities of the Ripple Future company.

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02 August, 2018 17:42

← Philippine authority releases regulation for ICO sector

The Securities and Exchange Commission in the Philippines has unveiled the regulation for initial coin offering. The authority proposes that ICO tokens should be considered as the securities unless issuer porves otherwise. SEC will seek the community feedback and only then new rules may come into force.

Philippine authority releases regulation for ICO sector

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02 August, 2018 13:46

Coinbase launches fiat withdraw/deposit service for UK clients →

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Coinbase launches fiat withdraw/deposit service for UK clients
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