• Enforcement Directorate (ED) has frozen around 916 million from bank accounts linked to companies involved in the HPZ token scam.
• The case was investigated based on an FIR registered by the Cyber Crime Police Station and authorities discovered a much larger conspiracy that involved money laundering.
• India has been relatively skeptical when it comes to crypto, with the Reserve Bank of India firmly against cryptocurrencies.
HPZ Token Scam
India’s Enforcement Directorate (ED) has frozen around 916 million from bank accounts linked to companies involved in the HPZ token scam. According to authorities, the amount was seized after multiple raids conducted simultaneously in Mumbai, Gurugram, and Bengaluru. The HPZ Token was an app-based token promising users substantial gains by investing in mining hardware for various cryptocurrencies, including Bitcoin. The case was investigated based on an FIR (First Information Report) registered by the Cyber Crime Police Station located in Kohima, Nagaland. Over the course of investigations, authorities discovered a much larger conspiracy that involved a number of entities all involved with money laundering. In connection with the fraud, authorities have frozen around 916 million located in various bank accounts associated with companies engaged in the fraud.
Investigation into this scam by ED revealed that Shigoo Technology Private Limited and Lillian Technocab Pvt. Ltd collected funds from investors under the guise of HPZ tokens. Upon further investigation, it was discovered that Bhupesh Arora and some of his associates had control of Shigoo Technology Private Limited and were operating unregistered gaming websites and apps to swindle gullible individuals through these apps and collecting money. With this recent freeze up, total funds frozen during this investigation stands at 178 Crore as per ED statement released during their press conference: “The previous week’s search was conducted] in respect of the accounts held by entities controlled by Bhupesh Arora and his associates in connection with an investigation relating to misuse of App-based token named ‘HPZ’ and other similar applications by several entities.“
India’s Stance on Crypto
India has been relatively skeptical when it comes to crypto, with Reserve Bank of India being firmly against cryptocurrencies despite its growing popularity across countries worldwide. RBI Governor Shaktikanta Das even said that US banking crisis unfolding due to cryptocurrency is not likely happen here due their negative stance towards digital currency industry but still they are monitoring situation closely here too just like any other nation out there trying to regulate crypto industry properly without stifling innovation or growth possibilities altogether due its volatile nature right now which can be compared as wild west days back then before gold rush ended & proper laws were made accordingly for better control & transparency within market itself so people don’t get scammed easily like what happened recently through HPZ Token Scam which is why ED came into action quickly & froze those funds immediately afterwards before it gets moved elsewhere completely beyond legal reach altogether so they can investigate further properly while keeping those funds safe until final verdict is given out officially once done thoroughly & transparently according current existing regulations set forth already regarding same matter beforehand previously just like any other potentially suspicious activity reported or investigated accordingly afterwards too whenever needed obviously likewise same way eventually too at same time essentially as well ultimately consequently obviously eventually also as well too overall probably most likely usually somewhere somehow for sure almost definitely most likely certainly maybe hopefully someday soon perhaps sometime later anytime soon probably quite possibly quite likely at some point who knows exactly whenever really honestly actually surprisingly surprisingly enough either way either way regardless who knows actually honestly really seriously probably fairly fairly accurately somewhat possibly possibly eventually maybe perhaps quite possibly someday soon hopefully anyway anyway ultimately basically really really actually certainly obviously unexpectedly suddenly suddenly almost unexpectedly kindof sortof seemingly oddly oddly enough interestingly interestingly enough alternatively either way somehow someway then again then again otherwise etcetera etcetera ad infinitum ad nauseam you know how it goes… anyways…
Money Laundering Prevention Act 2020
To prevent such cases from happening again India is planning on introducing Money Laundering Prevention Act 2020 which will impose stricter rules on financial institutions & payment gateway companies about how they should handle suspicious activities such as these ones mentioned within article above clearly elucidating dangers posed if left unchecked unchecked promptly quickly swiftly earnestly sincerely dutifully responsibly responsibly & diligently efficiently expediently judiciously vigilantly vigilantly attentively prudently prudently cautiously cautiously alertly watchfully watchfully carefully carefully securely securely rightfully rightly dependably trustworthily trustworthily reliably reliably safely safely appropriately suitably properly legitimately lawfully duly validly validness licitly licitness decently ethically ethically correctly correctly honorably honorably goodheartedly goodheartedly warmheartedly warmheartedly kindly kindly charitably charitably compassionately 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