Fugitive Economic Offender Declared in Nagaland's Massive Money Laundering Case

A special PMLA court in Nagaland has declared Dubai-based Bhupesh Arora a fugitive economic offender in an ED money laundering case involving the 'HPZ Token'. This designation allows for asset confiscation worth Rs 497 crore. Arora, accused of duping investors via crypto schemes, remains abroad.

In a significant development, a special PMLA court in Nagaland has declared Bhupesh Arora, based in Dubai, as a fugitive economic offender. This declaration comes as part of an Enforcement Directorate investigation into a massive money laundering case involving the 'HPZ Token', allegedly used to deceive numerous investors.

The court's ruling will enable the confiscation of assets valued at Rs 497 crore, assets previously attached by the Enforcement Directorate. Arora, who left India in September 2022, did not comply with a Gauhati High Court order to cooperate with investigations and remains out of the country.

The ED case is rooted in a Kohima Police FIR addressing the use of apps to defraud investors by promising high returns through Bitcoin and other crypto mining. The charge sheet lists 299 accused entities, including several with Chinese ties, involved in these fraudulent schemes.

(With inputs from agencies.)