Police confirms two men arrest for duping as many as 1,800 people of Rs 30 crore
Two men were arrested today for allegedly duping as many as 1,800 people of Rs 30 crore by forming a fake crypto-currency company here, police said.
Acting on a complaint by around 50 investors, Gaurav Aneja, a native of Sahibabad city in Uttar Pradesh's Ghaziabad district, and Nelson Lobo from Mumbai were nabbed in Vasundhara area, said Akash Tomar, superintendent of police (city).
They confessed that they had formed a fake US-based crypto-currency company, Ripple Future, which promised depositors to triple their deposits in 250 days. They were also running daily-and-weekly payment schemes, Tomar said. Such companies are banned in India.
The data base of the company has been seized to probe the case. An FIR has been lodged under Section 420 (cheating) and Section 406 (criminal breach of trust) of the Indian Penal Code (IPC), he added.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)