The Central Bureau of Investigation (CBI) has launched searches across 10 States/Union Territories in connection with the HPZ Token app scam, targeting investors with promises of high returns. Raids were carried out in Delhi, Maharashtra, Karnataka, Rajasthan, Bihar, Uttar Pradesh, Madhya Pradesh, Odisha, Andhra Pradesh, and Tamil Nadu, resulting in the seizure of crucial evidence including mobile phones, computer hard drives, and financial documents. The scam involved fraudulent schemes enticing victims to invest in non-existent cryptocurrency mining machine rentals through the HPZ Token app.
The agency has identified approximately 150 bank accounts associated with the accused, which were used to funnel funds collected from investors, subsequently transferred out of India via illicit means like cryptocurrency or ‘hawala’ transactions. The Enforcement Directorate (ED) has also joined the investigation, freezing assets worth over ₹176.67 crore and seizing approximately ₹55.56 crore linked to shell and Chinese-linked entities involved in the scam.