Enforcement Directorate(ED), India’s premier financial intelligence agency, seized Rs 12.5 crore worth of assets after conducting raids at four cities in India, in relation to the ‘HPZ crypto token’ scam that amounted to hundreds of crores.
According to ED officials, raids were conducted on December 5 at 11 premises in Delhi, Gurugram, Thane, and Navi Mumbai, where investigating officials froze bank accounts, Fixed Deposits, and Mutual Funds worth Rs 12.5 crore belonging to the accused group. The total seizure made in the infamous HPZ token scam case by ED has now amounted to Rs 615.90 crore.
HPZ token scam refers to a case where hundreds of Indian investors were duped by an accused group to invest money through a crypto token app, promising high returns through online gambling. Officials said victim investors were asked to invest Rs 57,000 in the HPZ Token app for an attractive returns scheme of Rs 4000 per day for three months. Initially, investors were offered small returns in order to entrap them for bigger investments with fresh offers.
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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