{"id":19326,"date":"2024-05-01T15:32:31","date_gmt":"2024-05-01T15:32:31","guid":{"rendered":"https:\/\/coinengineer.io\/?p=19326"},"modified":"2024-05-01T15:32:31","modified_gmt":"2024-05-01T15:32:31","slug":"indias-cbi-launches-crackdown-on-hpz-token-app-crypto-scam","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/indias-cbi-launches-crackdown-on-hpz-token-app-crypto-scam\/","title":{"rendered":"India&#8217;s CBI Launches Crackdown on HPZ Token App Crypto Scam"},"content":{"rendered":"<p>The Central Bureau of Investigation (CBI) in India has launched a country-wide hunting operation to probe an app-based <strong>cryptocurrency<\/strong> scam investment program.<\/p>\n<p>The 30-location operation across 10 states and Union Territories is targeting the <a href=\"https:\/\/www.pgurus.com\/hpz-token-app-case-ed-takes-possession-of-properties-worth-rs-55-cr\/\">HPZ Token App<\/a> scheme participants, as per India Today.<\/p>\n<p>According to the article, the CBI raided two private companies and their directors for duping the public into investing in an illegal scam by leasing a fake bitcoin mining machine.<\/p>\n<p>The searches yielded incriminating papers, cell phones, hard drives, SIM cards, bank cards, and email accounts.<\/p>\n<p>With the HPZ Token App, one was sure to get handsome profits on <a href=\"https:\/\/coinengineer.net\/blog\/bitcoin-etf-outflows-surge-amid-broader-market-sell-off\/\">Bitcoin<\/a> mining investments.<\/p>\n<p>The crooks assured huge Bitcoin mining yields to unsuspecting victims.<\/p>\n<p>The probe has identified 150 bank accounts through which investor money was being siphoned.<\/p>\n<p>Investigators argue that some investors got initial payments to form trusts before the funds were covertly moved to another country.<\/p>\n<p>Hawala trades or conversions into <strong>cryptocurrencies<\/strong> were widespread.<\/p>\n<p>CBI\u2019s action against app-based <strong>crypto<\/strong> investment fraud comes after the Enforcement Directorate (ED) of India held a major gaming app-linked <strong>crypto<\/strong> laundering matter.<\/p>\n<p>Related to the fraud, the authority confiscated \u20b990 crore in digital assets, which were frozen.<\/p>\n<p>The 70 accounts with locked <strong>cryptos<\/strong> were on Binance, ZebPay, and WazirX.<\/p>\n<p>\u201cThese crypto assets were subsequently taken into possession of ED and transferred into the crypto wallet of ED,\u201d\u00a0\u00a0the ED stated.<\/p>\n<p>Gamers were attracted by E-Nugget software, which was promising investments-returns several times over.<\/p>\n<p>&nbsp;<\/p>\n<h2>Indian Retirees Embrace Crypto Investments, Study Shows<\/h2>\n<p>Mudrex discovered that close to 50% of Indian retirees trade in <strong>cryptocurrency<\/strong>.<\/p>\n<p>The study conducted by Mudrex on <strong>crypto<\/strong> investment showed that 45% of retirement plan investors have put their money in <strong>cryptocurrency<\/strong>.<\/p>\n<p>The survey also revealed the changing perception of <strong>cryptocurrencies<\/strong> as mainstream assets.<\/p>\n<p>For example, half of the respondents expected that it would take <strong>cryptocurrencies<\/strong> no more than five years to become the leading asset class, i.e., in such a time frame, the validity of trust and acceptance would produce.<\/p>\n<p>February saw the trade volume at the leading Indian <strong>cryptocurrency<\/strong> exchanges hit a ten-month high due to the increase in the price of Bitcoin.<\/p>\n<p>Last month, some of the top Indian exchanges, namely CoinDCX, WazirX, and BitBNS, traded $2.6 million, $3.4 million, and $7.8 million, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Central Bureau of Investigation (CBI) in India has launched a country-wide hunting operation to probe an app-based cryptocurrency scam investment program. The 30-location operation across 10 states and Union Territories is targeting the HPZ Token App scheme participants, as per India Today. According to the article, the CBI raided two private companies and their<\/p>\n","protected":false},"author":6,"featured_media":19331,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[5384,3487],"class_list":["post-19326","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-crypto-investment","tag-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>India&#039;s CBI Launches Crackdown on HPZ Token App Crypto Scam - Coin Engineer<\/title>\n<meta name=\"description\" content=\"A study shows that nearly 50% of Indian retirees invest in crypto, indicating a shift in perception toward digital assets as mainstream.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/indias-cbi-launches-crackdown-on-hpz-token-app-crypto-scam\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"India&#039;s CBI Launches Crackdown on HPZ Token App Crypto Scam - 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