New Delhi, Sep 29 (UNI) The Enforcement Directorate (ED) carried out search operation and freezed accounts of various Chinese-controlled entities maintained with payment gateways in an investigation relating to alleged misuse of App-based token named “HPZ” and other similar applications by several entities, ED in a statement said on Thursday.
ED initiated money laundering investigation on the basis of FIR October 8, 2021 filed under various sections of Indian Penal Code, 1860 by Cyber Crime Police Station, Kohima, Nagaland, against HPZ token and others.
The HPZ token was an “App-Based Token”, which promised users of large gains against investment by declaring the same as “investing in mining machines for Bitcoin and other cryptocurrencies”. The modus-operandi of the alleged fraudsters was to first lure the victims to invest in their companies on the pretext of doubling / multiplying their investment through the “App HPZ token” and other similar applications, it stated.