The Enforcement Directorate’s Dimapur Sub Zonal Office has provisionally attached 94 bank accounts involving proceeds of crime worth approximately Rs 10.24 crore in connection with the HPZ Token investment scam. This action was taken under the Prevention of Money Laundering Act (PMLA), 2002, as part of an ongoing investigation into a cyber-enabled financial fraud scheme. The fraudulent investment scheme allegedly targeted investors nationwide by offering high returns through the HPZ Token app.
The investigation into the scam was initiated based on an FIR filed by the Cyber Crime Police Station in Kohima against HPZ Token and others. It also includes FIRs from the CID Police Station in Ulubari, Guwahati, and a case registered by the Central Bureau of Investigation (CBI) in Delhi. The Enforcement Directorate revealed that the scam involved luring investors to invest in the HPZ Token mobile application with promises of attractive returns. The probe uncovered the use of multiple mule bank accounts, shell companies, and dummy directors to channel and divert the illicit proceeds.
Tracing the financial transactions, investigators discovered that funds from investors were initially gathered through various UPI IDs linked to mule accounts held with a private bank. These funds were then moved through shell entities and processed via payment aggregator platforms like PayU, Razorpay, and Easebuzz. A portion of the funds was reportedly circulated back to investors in the early stages to create a false sense of legitimacy and attract more investments.
Further investigation exposed a network of shell entities and mule accounts allegedly controlled by the main accused, Bhupesh Arora, his father Gulshan Arora, and other associates. These entities include Dig India Marketing, AnalytIQ Business Ventures Private Limited, Freebie Solutions Private Limited, Truvinta Solutions Private Limited, Zavion Trading Private Limited, and Sark Enroll System Private Limited. The Enforcement Directorate stated that the total proceeds of crime in the case amount to approximately Rs 2,200 crore, with assets worth about Rs 662 crore already attached.
A recent probe identified 94 additional mule bank accounts with balances totaling around Rs 10.24 crore, which have been provisionally attached. A prosecution complaint has been filed before the Special PMLA Court in Dimapur, and the case is currently under trial, with ongoing investigations.
