Bitcoin Investment Scam Leads to Seizure of Assets Valued at Rs 55.36 Crore by Enforcement Directorate

The Enforcement Directorate (ED) in India has recently seized assets valued at Rs 55.36 crore (approximately $7.4 million) linked to an investment scam involving the HPZ app-based token, according to a final summary report released on Wednesday. The scheme was operated by Bhupesh Arora and his associates, who allegedly utilized shell companies and foreign entities to facilitate illegal activities, including online gaming and betting.

These actions by the ED were taken under the Prevention of Money Laundering Act (PMLA), following the earlier freezing of accounts containing Rs 91.6 crore (around $12.3 million) associated with Arora. The current asset seizure forms part of a larger investigation prompted by a First Information Report (FIR) filed in Nagaland’s capital.

Investors were lured with enticing offers promising returns of Rs 4,000 per day over a three-month period in exchange for an investment of Rs 57,000 (about $765). This scheme attracted a considerable number of participants, leading to a significant accumulation of funds.

Nationwide searches have been conducted as a reaction to the FIR, resulting in frozen assets totaling approximately Rs 176.67 crore (around $23.7 million). The ED is continuing its investigations to reveal the full scope of this alleged financial wrongdoing.

This article was generated with the support of AI and reviewed by an editor.