The Enforcement Directorate (ED) in India has seized assets worth approximately Rs 55.36 crore in connection with the HPZ app-based token scam and an alleged multi-crore Bitcoin investment scam in Hyderabad. These seizures are part of an ongoing investigation into the misuse of the HPZ app-based token, which was involved in fraudulent investments related to online gaming and betting. The probe has uncovered a larger conspiracy and connections to Chinese entities in a fraud case.
The seized assets primarily consist of balances held in bank accounts and merchant IDs associated with various shell and Chinese-linked entities. These accounts were used to facilitate funds for illegal online gaming, betting activities, and investments in Bitcoin mining.
The HPZ app-based token promised users significant gains by investing in Bitcoin and other cryptocurrency mining machines. The ED had previously frozen Rs 91.6 crore in bank accounts belonging to entities connected to Bhupesh Arora and his associates, who were accused of misusing the app-based token for illegal gaming apps and websites.
The investigation into this case began following an FIR registered by the Cyber Crime Police Station in Nagaland, where fraudsters lured victims into investing in the HPZ app-based token with promises of high returns on their Bitcoin mining investments. Investors were told that an investment of Rs 57,000 would yield Rs 4,000 per day for three months. However, after paying promised returns initially, the fraudsters would demand additional funds from victims.
The ED has conducted nationwide searches in 2022 and 2023, freezing assets linked to HPZ valued at approximately Rs 176.67 crore as part of its efforts to uncover the full extent of the alleged financial wrongdoing.
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