The ₹1,000 crore crypto scam news item
🚨 HPZ Token Crypto Scam – Quick Breakdown
What happened: India’s Central Bureau of Investigation (CBI) has filed a chargesheet in a huge ₹1,000 crore crypto investment scam linked to a fake crypto project called “HPZ Tokens.”
How it worked: Fraudsters used a fake mobile app claiming to invest in crypto mining with high returns, luring investors during the COVID-19 lockdown.
Who’s accused: 30 people are named in the chargesheet, including two Chinese nationals (Wan Jun and Li Anming) identified as key masterminds who set up shell companies to funnel money.
Modus operandi: The group exploited shell companies and payment aggregators to quickly launder funds, and then converted money into crypto and sent it abroad.
Action taken: Local associates have been arrested; fugitives remain at large as the investigation continues.
🛑 Key takeaway: This was a large-scale organised cyber fraud, not just a simple Ponzi — and authorities are tightening enforcement on crypto-related scams.