The Enforcement Directorate (ED) has lodged a second supplementary prosecution complaint in the HPZ Token cryptocurrency investment scam case at the Special Court for PMLA cases in Dimapur, Nagaland. This action follows the genesis of the case from three FIRs filed by different police stations and the CBI, leading to an ECIR registration on April 12, 2022.
The latest complaint is part of the ongoing investigations into the HPZ Token scam, which enticed investors with false promises of high returns through a cryptocurrency investment scheme. The scam, operational from June to August 2021, abruptly ceased, leaving numerous investors unable to access their funds. Bhupesh Arora and associates are accused of orchestrating the scam using various illicit means to launder money collected from unsuspecting investors.
The second complaint has identified 87 new accused individuals, adding to the existing 350 named in previous complaints, bringing the total to 437 accused persons. Notably, the new accused include entities like payment gateway companies, fintech intermediaries, and e-commerce entities spread across multiple states. Investigations have unveiled a pattern of Chinese-linked entities involved in money laundering operations, indicating a well-organized scheme.
