CBI busts ₹1,000cr crypto scam run by Chinese nationals
The CBI has charged 30 entities—including two Chinese nationals, 27 other individuals, and three companies—for running the HPZ Token scam, which tricked Indians out of over ₹1,000 crore during the COVID-19 lockdown.
The group used a fake app promising big crypto mining returns, set up shell companies to move money around, and even ran phony loan and job apps to target more victims.
After launching in India, the main players fled abroad but kept pulling the strings from afar.
How the scam worked—and where things stand now
To keep investors hooked, scammers used payment aggregators to send back small payouts—just enough to build trust before vanishing with most of the cash.
The CBI has already arrested six local operatives and named 27 individuals plus three companies in its chargesheet.
Most of the stolen money was quickly laundered via shell accounts and converted into cryptocurrency overseas.
The investigation is still on as authorities try to catch those who got away and break up this international cybercrime ring for good.