Indian Police to Bust Another Crypto Scam

New group of scammers under the 'Ripple Fututre' lable were able to steal around $4 000 000
02 August 2018   2004

While the actions of the Reserve Bank of India threaten the viability of full-fledged crypto-currency companies, they also have a certain positive effect, in particular, in the struggle against fraudsters.

Indian police arrested two suspects in the appropriation of 300 million rupees ($ 4 million), owned by 1,800 investors, according to Press Trust of India (PTI).

The defendants created a crypto-exchange company called "Ripple Future" and promised to triple the deposits of investors for 250 days. Daily and weekly payments plans were available too. The leadership of Ripple Future stated that the company is based in the US, but the police managed to establish that it was operating from the Indian city of Ghaziabad.

A representative of the law enforcement agency said that the suspects were arrested after about 50 investors had complained about non-payment of funds, while the total number of victims of the scheme is much greater. Two men are accused of several articles of the Penal Enforcement Code of India. One of the accomplices is still wanted by the police.

The law enforcement agencies did not specify whether any role played by the XRP's crypto currency in the activities of Ripple Future.

DeeMoney to Join RippleNet

RippleNet consists over 300 companies around the world, that can perform almost instant exchanges thanks to this network
19 March 2020   294

Thai fintech company DeeMoney became the first non-state company in the country to use RippleNet technology for fast international payments.

More than 300 financial institutions around the world are already members of the RippleNet payment network. The exchange of payments between these organizations occurs almost instantly.

Ripple is currently at the forefront of technology and compliance regulations[…]This brings in finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.

 

Aswin Phlaphongphanich

CEO, DeeMoney

According to Marcus Treacher, senior vice president of customer service at Ripple, there is a real revolution in Thailand's banking industry.

By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. 

 

Marcus Treacher

SVP of Customer Success, Ripple

Currently, DeeMoney is already accepting payments in Thailand using RippleNet, and when the second phase of cooperation is launched, the company will be able to send funds abroad using the blockchain system.