ED arrests Imran Basha, Hitesh Kumar in ₹40cr crypto fraud
Business
The Enforcement Directorate (ED) just arrested Imran Basha and Hitesh Kumar for allegedly running a ₹40 crore cryptocurrency scam.
After raiding 11 spots across Chennai, Coimbatore, and Kolkata on September 1, 2026, the ED took them into custody for five days under the money laundering law.
HashPe promoted bogus TCX coin
Basha and Kumar set up a fake platform called HashPe, using lavish promotional events, engaging Bollywood celebrities, and conducting extensive social-media campaigns to promote a bogus coin called TCX.
They promised big returns, pulled in crores from investors, then blocked withdrawals and funneled the money into shell companies and relatives' accounts.
The ED also seized incriminating documents and digital evidence: more digging is still on.