Bureau of Enforcement in India frozen Over $11.1 million was exfiltrated on April 24 as part of an ongoing investigation into money laundering using a cryptocurrency called HPZ token. The funds were seized during a search conducted at three banks and payment gateway providers nationwide that service entities involved in money laundering.
After months of investigation, we discovered that two companies had raised money from investors under the guise of investing in app-based HPZ tokens. Chief executive Bhupesh Arora, who was indicted in the incident, was found by authorities to have controlled one of these companies and his associates.
According to authorities, Arora and his co-conspirators used the company and several other entities to manipulate various unregistered websites and games and loan applications to defraud investors.Some of the companies operating these websites are Chinese connection That led to money laundering charges.
As is common with fraud, the accused individuals promised investors huge profits if they invested in HPZ tokens. The perpetrators told investors that they could make money through their investments in Bitcoin and other cryptocurrency mining machines.
In February, the authorities seized $3.6 million from bank accounts related to companies involved in the incident. The seizure brings his total frozen assets in the case to $21.7 million. The lawsuit was originally filed in October 2021.
The post, where Indian authorities have frozen over $11 million in a crypto money laundering case, first appeared on CryptoSlate.