ED Clamps Down on 'HPZ Token' Money Laundering Scheme

The Enforcement Directorate has seized assets in India and Dubai linked to Chinese shell companies involved in the 'HPZ Token' investment scam. Accused of duping investors with promises of high returns through online gaming and Bitcoin mining, these entities face charges under IPC and IT Act.

The Enforcement Directorate (ED) has taken significant action by seizing additional assets in India and Dubai as part of its investigation into the 'HPZ Token' money laundering scheme on Thursday. Among the seized assets are those linked to some Chinese shell companies, implicated in a large-scale investment fraud.

The agency has valued the attached properties at Rs 106.20 crore. The ED previously took similar action in this case, highlighting the ongoing efforts to clamp down on fraudulent financial activities. Those involved reportedly swindled investors by falsely promising to double investments through the 'HPZ Token' app and related online gaming and betting sites.

The money laundering allegations trace back to an FIR filed by Kohima Police's cybercrimes unit. This case involves 299 entities, including 76 Chinese-controlled ones, accused of cheating investors out of vast sums of money. The ED has conducted extensive searches nationwide, recovering assets and deposits worth Rs 603 crore, as the crackdown on the scam continues.

(With inputs from agencies.)