The Aryavarth Express
Agency (New Delhi): The Central Bureau of Investigation (CBI) has launched a comprehensive operation against a fraudulent app-based investment scheme, resulting in raids at 30 locations across ten states and union territories. This crackdown follows the registration of a case against two private firms, Shigoo Technology Private Limited and Lillian Technocab Private Limited, and their directors for deceiving investors.
The scam involved the HPZ Token App, which falsely promised substantial returns from investments in non-existent cryptocurrency mining machine rentals. During the raids, which concluded on Tuesday night, the CBI seized various digital devices including laptops, mobile phones, and ATM and debit cards, alongside a significant number of email accounts.
The operations spanned multiple regions including Delhi-NCR, Mumbai, Bengaluru, Jodhpur, and several states such as Tamil Nadu, Andhra Pradesh, Uttar Pradesh, Bihar, Odisha, and Madhya Pradesh. The investigation has uncovered about 150 bank accounts linked to the accused, which were used to gather funds under the pretense of lucrative Bitcoin mining opportunities.
These funds were initially paid out to investors to gain their trust before being illicitly transferred overseas, converted into cryptocurrencies, or funneled through Hawala transactions, according to the CBI. This nationwide action highlights the agency’s ongoing efforts to clamp down on digital fraud and protect investors from deceptive schemes.