Big Update in Rs. 2,200 Cr HPZ Token Scam: ED Uncovers Global Money Laundering Network with Cross-Border Links – Crypto Scams are Getting Bigger & Riskier
India’s Enforcement Directorate has expanded its investigation into the Rs. 2,200 crore HPZ Token scam. The case now shows a large money laundering network with links outside India. The latest update makes this crypto scam India case more serious.
The agency filed a second supplementary chargesheet under the Prevention of Money Laundering Act. This time, officials added 87 new accused. The total number of accused has now reached 437. This shows that the ED probe is moving deeper into the case.
How the HPZ Token Scam Started
The HPZ Token scam started in June 2021 through a mobile app. The app promised high returns from Bitcoin mining. Many people invested money after seeing claims of daily income. The app stopped working within a few months. Investors could not withdraw their money after that.
Investigators found that the fraud used a complex money laundering network. The accused moved money through shell companies, fake bank accounts, and illegal hawala routes. This system helped hide the real source of funds.
The ED named Bhupesh Arora as a key person in the case. His group allegedly used several companies to move money. Firms like Shigoo Technology and Lillian Technocab helped in fund transfers. More companies also came under the scanner during the ED probe.
The investigation also found cross-border fraud links. Some companies connected to the scam had links to Chinese entities. Officials noticed similar addresses, emails, and directors in many firms. This pattern showed planned and connected activity.
International Network and Ongoing Probe
One company, Zhudao Infotech, reportedly had foreign control. Several foreign nationals also appeared in the case records. This suggests that an international network may have run the scam. Such links make the case more complex for authorities.
Payment companies also played an important role. Some Indian firms allegedly helped move money using payment gateway systems. Investigators believe these platforms allowed easy transfer and layering of funds across many channels.
The ED has already frozen assets worth several crores in this case. These include bank accounts and other financial holdings. Officials continue to track more funds that may have moved to other countries.
This HPZ Token scam highlights the risks in unregulated crypto schemes. Many such platforms promise quick and high profits. These promises often attract investors but end in losses.
The ED probe continues as officials search for more links in the money laundering network. More action may follow as the investigation moves ahead.
