The Indian Financial Crimes Enforcement Agency has frozen US$ 1.2 million in the accounts of various "organizations controlled by China" as part of an investigation related to alleged cryptocurrency fraud with a token based on the HPZ application and similar applications.
The Directorate of Enforcement (ED) in a press release identified these companies as Comein Network Technology Private Limited, Mobicred Technology Private Limited, Magic Data Technology Private Limited, Baitu Technology Private Limited, Aliyeye Network Technology India Pvt Ltd, Wecash Technology Private Limited, Larting Private Limited, Magic Bird Technology Private Limited and Aceearl Services Private Limited.
"Scammers" promised HPZ token users a large return on investment and declared it "investments in bitcoin and other cryptocurrencies mining machines," the ED said.
The ED investigation revealed that these companies received money from the general public to manage other "suspicious" applications, such as Cashhome, Cashmart and Easyloan, and entered into service agreements with several non-bank financial companies.
ED stated that it had previously frozen balances on bank and virtual accounts in the amount of $5.7 million during searches conducted on September 14. The total amount frozen in this case is now 6.9 million US dollars.