The Enforcement Directorate, a financial investigation agency, confiscated assets connected to the HPZ app-based token scam case and its suspected involvement in a multi-crore Bitcoin investment scam in Hyderabad on Tuesday, totaling about Rs 55.36 crore. As part of the ongoing investigation into the abuse of the HPZ app-based token, assets have been seized.
Fraudulent investments connected to online gaming and betting were also a part of the scheme. An investigation into a fraud case involving Chinese firms has now uncovered a bigger plot and the connections between numerous organisations.
These related assets mainly take the shape of bank account balances and merchant IDs linked to numerous shell companies and entities having connections to China. These accounts were used to handle payments for illegal internet gambling, wagering, and Bitcoin mining investments.
The HPZ is an app-based token that guarantees customers significant returns on their investments in Bitcoin and other cryptocurrency mining equipment.
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