NEW DELHI: The Central Bureau of Investigation has filed a chargesheet in the multi crore HPZ Token Investment Fraud case, in which thousands of Indians have been duped during the Covid-19 lockdown.
The fraudsters orchestrated the scam through a fake mobile App called “HPZ Tokens”, which promised high returns on cryptocurrency mining but actually syphoned off crores of rupees within just three months.
As per the investigation, Shigoo Technology Pvt Ltd., the company operating the App, was owned and controlled by Chinese nationals. CBI came to the conclusion that the fraud was part of a larger, well-organised cyber network that ran several scams pertaining to fake loan Apps, fraudulent investment platforms, and fictitious job offer portals that targeted citizens in India during the post-pandemic period.
It had arrested six persons – Dortse, Rajni Kohli, Sushanta Behra, Abhishek, Mohd Imdhad Husain and Rajat Jain – initially, while chargesheeting 30 accused, including two Chinese nationals, Wan Jun and Li Anming. Wan Jun, director of Jilian Consultants India Pvt Ltd., reportedly facilitated the setting up of at least six shell companies, with Shigoo Technologies being one of them, using professionals such as company secretaries and chartered accountants. These firms acted as conduits to launder proceeds from organised cyber frauds. Over Rs 1,000 crore was moved through the bank accounts of these companies in just a few months.
CBI officials said the fraudsters exploited India’s nascent payment aggregator ecosystem by using technology to rapidly move funds across thousands of bank accounts while even disbursing small returns to investors to gain their confidence.