look news india
app investment fraud case : The Central Bureau of Investigation (CBI) has conducted simultaneous raids at 30 locations in 10 states and union territories in a nationwide fraud case by luring investment through HPZ token app. These states include Delhi, Rajasthan, Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Odisha, Andhra Pradesh, Tamil Nadu and Karnataka. CBI has so far seized important digital evidence including mobile phones, computers, hard drives, SIM cards, ATMs, debit cards, e-mail accounts and various documents in connection with the HPZ Token app.
A case was registered against two private companies and their directors
According to the news agency report, CBI has registered a case against two private companies and their directors involved in the fraud scheme. According to the CBI, a case has been registered against the alleged accused Shigu Technology Pvt Ltd and Lilian Technocab Pvt Ltd (both private companies) and their directors.
What is the matter?
HPZ operates a token-based app that entices users to earn huge profits by investing in mining machines for Bitcoin and other cryptocurrencies. A method used by fraudsters to deceive people. They were luring people to invest in the HPZET token app to get huge returns on investment in Bitcoin mining. According to the CBI, the investigation so far has revealed that a total of 150 bank accounts were used to collect investors' money.
What did CBI say?
CBI said that by investigating this case, apart from stopping the fraud, evidence has been collected against the accused. The case is still under investigation. Initially the funds were used by the app to build trust by paying investors. The money was often converted into cryptocurrencies or transferred through hawala transactions before being transferred illegally out of India.