Money Laundering Case: Today, a raid was conducted by the Enforcement Directorate, and accounts worth Rs. 9.82 crore were frozen due to their links with China. As per the sources, accounts belonged to multiple Chinese-controlled organisations. Further investigation on the case is currently underway.
The raid was carried out as a part of an enquiry into the misuse of an app-based token known as “HPZ” and other similar applications by multiple entities.
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The HPZ token, an app-based token, offered customers significant returns by financing Bitcoin and other cryptocurrency mining equipment. The scammers’ method of operation was to persuade the victims to invest in their business under the promise of doubling or multiplying their initial investment using the ‘HPZ token’ and other similar applications.
A number of organisations have been impacted by the action, including Comein Network Technology Private Limited, Mobicred Technology Private Limited, Magic Data Technology Private Limited, Baitu Technology Private Limited, Alleye Network Technology India Pvt Ltd, Wecash technology Private Limited, Larting Private Limited, Magic Bird Technology Private Limited, and Acepearl Services Private Limited.
Operated under the guise of loan apps
Based on a FIR dated October 8, 2021, filed by the Cyber Crime Police Station in Kohima, Nagaland. The FIR came under various sections of the Indian Penal Code (IPC), against HPZ tokens and others, to which the ED opened a money laundering investigation.
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According to the ED, several Chinese-controlled entities operated numerous dubious loan and other apps (including Cashhome, Cashmart, Easyloan, etc.) and engaged in the practice of accepting funds from the general public under the guise of providing loans.
During the raid put out on 14th September, 2022, the ED previously frozen bank and virtual accounts with the amounts totaling Rs. 46.67 crore. Following the most recent raid, the case’s frozen funds total Rs. 56.49 crore.
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