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CBI searches over 30 locations across 10 States/UTs in HPZ Token app case

CBI searches over 30 locations across 10 States/UTs in HPZ Token app case
CBI conducts searches in 10 states for HPZ Token app scam, leading to seizure of assets; ED freezes ₹176.67 crore.

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CBI conducts searches at 30 locations in 10 States/UTs in HPZ Token app scam

The Central Bureau of Investigation (CBI) has carried out searches at more than 30 locations across 10 States/Union Territories in connection with a scam linked to the HPZ Token app. The searches resulted in the seizure of various items including mobile phones, computer hard drives, SIM cards, ATM/debit cards, email accounts, and documents.

The agency had earlier registered a case against two companies – Shigoo Technology Private Limited and Lillian Technocab Private Limited – and their directors. The scheme involved misleading the public into investing in non-existent cryptocurrency mining machine rentals through the app.

The CBI has detected about 150 bank accounts related to the accused which were used to collect funds from the investors. The Enforcement Directorate (ED) has also been probing the alleged scam from the money-laundering angle and has frozen assets worth over ₹176.67 crore. The ED has alleged that shell entities having dummy directors or proprietors had opened bank accounts and merchant IDs for rotating and layering the funds fraudulently received for illegal online gaming, betting, and investments for Bitcoin mining.

The investigation is ongoing, and authorities are working to bring those responsible for the scam to justice.