Enforcement Directorate Raids HPZ Token in Three Cities, Freezes Rs. 92 Crore: Details

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The officers of the Enforcement Directorate (ED) have raided HPZ Token and frozen round Rs. 92 crores. The raids had been carried out in Gurugram, Mumbai, and Bengaluru on Monday.

The HPZ Token was an App-Based mostly Token that promised customers important positive factors in opposition to funding by investing in mining machines for Bitcoin and different cryptocurrencies, in accordance with ED.

The moment case was recorded based mostly on FIR registered by Cyber Crime Police Station, Kohima, Nagaland, underneath numerous sections of IPC in opposition to HPZ token & others. The investigation unearthed bigger conspiracy and involvement of varied entities in cash laundering.

ED Investigation revealed that Lillian Technocab and Shigoo Expertise had been concerned within the operation and amassing cash from buyers within the title of HPZ tokens. Additional investigation revealed that Bhupesh Arora and his associates had management over Shigoo Expertise Non-public Restricted and he was indulged in working unregistered gaming Apps/web sites on this firm and numerous different entities and was amassing cash fraudulently from the gullible public within the garb of those Apps/web site.

In line with ED, in the course of the searches, the overall quantity of Rs. 91.6 crore was discovered mendacity in numerous Financial institution accounts/Service provider Accounts maintained with Banks/Fee Gateways of the entities concerned in cash laundering and the identical was frozen. Whole freezing, on this case, is now Rs. 178 Crore.

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