ED Files Second Supplementary Prosecution Complaint in HPZ Token Crypto Scam

The Enforcement Directorate (ED) has filed a second supplementary prosecution complaint in connection with the HPZ Token cryptocurrency investment scam. The case involves 437 accused, including payment gateway companies, fintech intermediaries, e-commerce entities, and their directors spread across multiple states.

Investigations have revealed that the accused used sophisticated layering techniques to obscure the origin of illicit funds, involving a multi-tiered web of fintech companies, payment gateways, e-commerce entities, gaming companies, and cryptocurrency assets. This technique allowed them to launder the Proceeds of Crime (POC) collected from gullible investors.

The ED has identified the POC in the matter to be approximately Rs 2200 crore. During the investigation, more than Rs 662 crore of POC has been attached or frozen till date.