Nationwide crackdown on cryptocurrency by CBI

Authorities seized incriminating documents and vital digital evidence

Probe aims to uncover the full extent of the scam

The Central Bureau of Investigation (CBI) has intensified its crackdown on fraudulent investment schemes, conducting a nationwide search operation spanning 30 locations across 10 Indian states and Union Territories. The operation targeted two private companies and their directors allegedly involved in the HPZ Token App scheme, which duped investors through promises of high returns on cryptocurrency mining investments.

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During the searches, authorities seized incriminating documents and vital digital evidence, including mobile phones, hard drives, SIM cards, debit cards, and email accounts. The CBI alleges that the companies misled the public into investing in non-existent cryptocurrency mining machine rentals, leveraging the HPZ app to entice victims with lucrative returns.

Investigations reveal that the fraudsters initially used payouts to build trust with investors before illicitly transferring funds abroad, often through Hawala transactions or cryptocurrency conversions. So far, approximately 150 bank accounts allegedly linked to the accused have been identified, indicating the scale of the operation.

The ongoing probe aims to uncover the full extent of the scam and bring those responsible to justice. As authorities delve deeper into the case, efforts to safeguard investors and combat financial fraud remain a top priority for law enforcement agencies.