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   771

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.

UAE to Launch Ripple's Based Payment System

The system is focused on Asian markets and, according to the head of UAE Exchange will be supported by “one or two banks” working with the RippleNet
14 December 2018   143

UAE Exchange payment company based in the United Arab Emirates creates a blockchain payment system along with Ripple, Reuters reports.

The system is focused on Asian markets and, according to the head of UAE Exchange Promot Manghat, will be supported by “one or two banks” working with the RippleNet payment network. Its launch is planned in the first quarter of next year.

It is worth noting that in the UAE there are many workers from other Asian countries.
More than a third of remittances from this country go to India, 8.8% to Pakistan and 6.9% to the Philippines. Thus, the payment corridor being developed may in the future take a significant share of the international transfer market.

Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream. We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia.
 

Promoth Manghat
Executive director and chief executive, Finablr

According to the information on the UAE Exchange website, the service works with 140 banks and is represented in 31 countries.