ED seizes Rs 12.5 cr assets in ‘HPZ crypto token’ scam, total seizure now amounts to Rs 615.90 cr

Enforcement Directorate(ED), India’s premier financial intelligence agency, seized Rs 12.5 crore worth of assets after conducting raids at four cities in India

India’s Enforcement Directorate (ED) has seized assets worth INR 12.5 crore ($1.5 million) during raids in four cities in connection with the ‘HPZ crypto token’ scam, which reportedly defrauded hundreds of Indian investors to the tune of hundreds of crores.

According to ED officials, the raids were conducted on December 5 at 11 premises in Delhi, Gurugram, Thane, and Navi Mumbai, where investigating officials froze bank accounts, Fixed Deposits, and Mutual Funds to the tune of INR 12.5 crore belonging to the accused group. Notably, the total seizure made in the infamous HPZ token scam case by ED has now amounted to INR 615.90 crore.

The HPZ token scam pertains to a case where an accused group duped hundreds of Indian investors into investing money through a crypto token application, promising high returns through online gambling. Officials stated that victim investors were lured to invest INR 57,000 in the HPZ Token app for an enticing returns scheme of INR 4000 per day for three months. Initially, investors were paid small returns to entrap them for bigger investments with fresh offers.

The ED took up the investigation in the HPz Token case after an FIR was filed in the Kohima city of Nagaland, and the raid was conducted by the Dimapur sub-zonal office of ED under the section of the Prevention of Money Laundering Act (PMLA).

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