The Central Bureau of Investigation (CBI) has launched a sweeping nationwide search operation spanning 30 locations across 10 states and union territories in India. This extensive operation forms part of an ongoing investigation into a case concerning an app-based fraudulent investment scheme. The searches yielded a cache of crucial digital evidence, including mobile phones, computer hard drives, SIM cards, ATM/debit cards, email accounts, and various incriminating documents.
The CBI initiated legal proceedings under sections 120-B read with 419, 420 of the Indian Penal Code (IPC), and Section 66 D of the Information Technology Act, 2000, against two private companies and their directors. The allegations suggest their involvement in a fraudulent investment scheme associated with the HPZ Token App. This scheme duped unsuspecting investors into believing they were investing in cryptocurrency mining machine rentals, which, in reality, did not exist.
The HPZ Token App lured users with promises of substantial returns by investing in mining machines for Bitcoin and other cryptocurrencies. The perpetrators allegedly employed a deceptive modus operandi, enticing victims to invest in the app under the guise of lucrative returns from Bitcoin mining.
The ongoing investigation has unearthed approximately 150 bank accounts linked to the accused, which were utilized to pool funds from investors. Initially, these funds were disbursed to create an illusion of legitimacy before being illicitly siphoned out of India, often through the conversion into cryptocurrency or via Hawala transactions.
The raids conducted as part of this operation represent a pivotal phase in the investigation aimed at dismantling the fraudulent scheme and gathering concrete evidence against the accused.
Key Points:
- CBI conducts nationwide raids across 10 states/union territories.
- Operation forms part of investigation into app-based fraudulent investment scheme.
- Digital evidence seized includes mobile phones, computers, SIM cards, and documents.
- Legal proceedings initiated under IPC and Information Technology Act against two private companies and directors.
- Scheme misrepresented investments in non-existent cryptocurrency mining machine rentals.
- Approximately 150 bank accounts linked to accused utilized for collecting investor funds.
- Funds illicitly transferred out of India, often converted into cryptocurrency or via Hawala transactions.
- Raids crucial in ongoing effort to dismantle scheme and gather evidence against perpetrators.
