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ED Seizes Assets in Bitcoin Scam Linked to HPZ App

The Enforcement Directorate seizes Rs 55.36 crore in assets from a Bitcoin scam involving the HPZ app, under the Prevention of Money Laundering Act.
Published on 2023-09-27

Bitcoin Investment Scam Uncovered

The Enforcement Directorate (ED) in India has seized assets valued at Rs 55.36 crore ($7.4 million) in connection with a Bitcoin investment scam involving the HPZ app. Spearheaded by Bhupesh Arora and his associates, the operation allegedly used shell companies and Chinese entities to facilitate illegal activities, including online gaming and betting.

Crackdown Under the Prevention of Money Laundering Act

The ED's recent actions were conducted under the Prevention of Money Laundering Act (PMLA). Prior measures included freezing accounts with Rs 91.6 crore ($12.3 million) linked to the scam. These efforts are part of a comprehensive investigation initiated after a First Information Report (FIR) was filed in Nagaland's capital.

Fraudulent Investment Promises

The scam attracted numerous investors by offering high returns. Investors were promised Rs 4,000 per day over three months on an investment of Rs 57,000 ($765). This lucrative promise led to the rapid accumulation of significant funds.

Nationwide Searches and Frozen Assets

In response to the FIR, nationwide searches have been conducted, resulting in the freezing of assets worth approximately Rs 176.67 crore ($23.7 million). The ED is dedicated to uncovering the full scope of the financial misconduct associated with this scheme.

The investigation remains ongoing as the ED seeks to reveal more details about this extensive operation.

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