ED attaches ₹10cr in HPZ token case, total seizures at ₹662cr
The ED has provisionally attached about ₹10.24 crore held in 94 bank accounts in connection with the HPZ Token case, where a fake app and website lured people with promises of ₹4,000 daily returns on a ₹57,000 investment through bogus crypto mining.
Funds were collected via multiple UPI IDs linked to mule bank accounts and then transferred to several shell companies; those shell companies misused payment-aggregator platforms such as PayU, Aggrepay and Easebuzz to receive and layer the proceeds.
Investigation is still ongoing
This wasn't just a simple fraud: there were five layers of money laundering, from mules to shell companies and hawala operators, moving around ₹2,200 crore in total.
Some money was even sent back to investors to keep them hooked.
Bhupesh Arora ran the show with help from associates; over ₹662 crore has been attached so far.
The CBI has charged 30 entities, including Chinese nationals Wan Jun and Li Anming (who later fled), and arrested six locals.
The investigation is still ongoing as authorities try to untangle this web of cyber scams.