As a seasoned crypto investor with a fair share of ups and downs in this digital frontier, I find myself both alarmed and saddened by the HPZ token scam unfolding in India. Having invested in various cryptocurrencies over the years, I can empathize with those who fell prey to such deceitful schemes promising unrealistic returns.
The primary financial investigative body in India, known as the Enforcement Directorate, confiscated approximately 125 million rupees worth of assets following searches at four different locations across the country. These actions were taken as part of an investigation into a fraudulent scheme involving the ‘HPZ crypto token,’ which is believed to have amassed hundreds of crores in illicit funds.
Based on reports from enforcement officials, simultaneous raids took place on December 5 at 11 locations in Delhi, Gurugram, Thane, and Navi Mumbai. During these raids, investigating teams seized and froze financial assets such as bank accounts, Fixed Deposits, and Mutual Funds worth approximately Rs 12.5 crore that were linked to the suspect group. The total amount confiscated in relation to the well-known HPZ token scam case by the enforcement department now stands at a staggering Rs 615.90 crore.
The HPZ token swindle is a situation where a suspected group tricked hundreds of Indian investors into investing money through a cryptocurrency token app, claiming high profits from online gambling. Authorities stated that the scammed investors were urged to invest 57,000 rupees in the HPZ Token application for a lucrative returns program guaranteeing 4,000 rupees per day over a three-month period. Initially, the victims were given small profits as bait, luring them into larger investments with new deals.
The ED had taken up an investigation in the HPZ Token case after an FIR was registered in Kohima city of Nagaland. The raid was conducted by the Dimapur sub-zonal office of ED under the section of the Prevention of Money Laundering Act (PMLA).
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2024-12-12 16:41