Lagatar24 Desk
New Delhi, Sept 29: In connection with an investigation into the misuse of the app-based token ‘HPZ’ and other similar applications by several entities under investigation for money laundering, the Enforcement Directorate (ED) has conducted searches and frozen account balances totaling 9.82 crore of nine Chinese-controlled entities.
The companies Comein Network Technology Private Limited, Mobicred Technology Private Limited, Magic Data Private Limited, Baitu Technology Private Limited, Aliyeye Network Technology India Pvt Ltd, Wecash Private Limited, Larting Private Limited, Magic Bird Private Limited, and Acepearl Services Private Limited have all been the target of legal action.
Enforcement Directorate carried out searches & froze account balances of Rs 9.82 crore of 9 Chinese controlled entities in respect of an investigation relating to the misuse of an app-based token named “HPZ” & other similar apps by several entities under money laundering probe:ED pic.twitter.com/dprCfmGCHc
— ANI (@ANI) September 29, 2022
On the basis of the First Information Report (FIR) dated October 8, 2021, filed under various sections of the Indian Penal Code, 1860, by Cyber Crime Police Station, Kohima, Nagaland, against HPZ token and others, ED opened a money laundering probe.
“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”, said the ED.
Through the ‘app HPZ Token’ and other similar applications, the fraudsters would initially entice victims into investing in their businesses under the promise of tripling or multiplying their initial investment.
The ED investigation has shown that various Chinese-controlled entities, including Comein Network Technology Private Limited and others, were operating numerous dubious loan/other Apps (such as Cashhome, Cashmart, easyloan, etc.) and engaging in fund collection under the guise of operating these Apps under service agreements with various NBFCs.
