% 3.78
BTC Dominance:
% 0.13
Market Cap:
$2.44 T
% 3.67
Fear & Greed:
74 / 100
$ 69.150
BTC Dominance:
% 54.4
Market Cap:
$2.44 T

India’s CBI Launches Crackdown on HPZ Token App Crypto Scam

Crypto India

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 directors for duping the public into investing in an illegal scam by leasing a fake bitcoin mining machine.

The searches yielded incriminating papers, cell phones, hard drives, SIM cards, bank cards, and email accounts.

With the HPZ Token App, one was sure to get handsome profits on Bitcoin mining investments.

The crooks assured huge Bitcoin mining yields to unsuspecting victims.

The probe has identified 150 bank accounts through which investor money was being siphoned.

Investigators argue that some investors got initial payments to form trusts before the funds were covertly moved to another country.

Hawala trades or conversions into cryptocurrencies were widespread.

CBI’s action against app-based crypto investment fraud comes after the Enforcement Directorate (ED) of India held a major gaming app-linked crypto laundering matter.

Related to the fraud, the authority confiscated ₹90 crore in digital assets, which were frozen.

The 70 accounts with locked cryptos were on Binance, ZebPay, and WazirX.

“These crypto assets were subsequently taken into possession of ED and transferred into the crypto wallet of ED,”  the ED stated.

Gamers were attracted by E-Nugget software, which was promising investments-returns several times over.


Indian Retirees Embrace Crypto Investments, Study Shows

Mudrex discovered that close to 50% of Indian retirees trade in cryptocurrency.

READ:  Cryptocurrency Investment Boom Continues: $1 Billion in April

The study conducted by Mudrex on crypto investment showed that 45% of retirement plan investors have put their money in cryptocurrency.

The survey also revealed the changing perception of cryptocurrencies as mainstream assets.

For example, half of the respondents expected that it would take cryptocurrencies 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.

February saw the trade volume at the leading Indian cryptocurrency exchanges hit a ten-month high due to the increase in the price of Bitcoin.

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.

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