Fugitive Economic Offender in HPZ Token Case: Dubai-based Arora Named by Indian Court

A Dubai-based individual, Gulshan Arora, has been declared a fugitive economic offender by a Nagaland court in a massive money laundering case linked to the HPZ Token scam. The ruling enables the confiscation of Rs 497 crore in assets, with Arora evading investigations and not complying with court orders.

A Dubai-based man, Gulshan Arora, has been declared a fugitive economic offender by a special PMLA court in Nagaland in connection with a money laundering case associated with the 'HPZ Token' scam, sources confirmed.

This legal action by the Dimapur court permits the Enforcement Directorate (ED) to seize assets worth Rs 497 crore, which were previously frozen as part of the inquiry. Arora, who left India in September 2022, has reportedly never cooperated with investigators or appeared despite court summonses.

The ED's case results from an investigation by the cyber crimes unit of Kohima Police, uncovering the operation of an app named 'HPZ Token' alleged to have defrauded investors by promising returns on Bitcoin mining. Multiple shell companies and individuals are implicated, with funds diverted to numerous accounts, reportedly involving Rs 2,200 crore.

(With inputs from agencies.)