ED conducts raid, freezes accounts with over Rs 9 crore belonging to Chinese-controlled firms
India Today
The Enforcement Directorate (ED) carried out a raid and froze accounts with Rs 9.82 crore balance belonging to several Chinese-controlled agencies.
The Enforcement Directorate carried out a raid and froze accounts with a Rs 9.82 crore balance belonging to several Chinese-controlled agencies.
The raid was conducted as part of an investigation relating to the misuse of an app-based token named 'HPZ' and other similar applications by several entities.
The HPZ token, an app-based token, promised users large gains by investing in mining machines for Bitcoin and other cryptocurrencies. The modus-operandi of the fraudsters was to lure the victims to invest in their companies on the pretext of doubling/multiplying their investment through the 'HPZ token' and other similar applications.
The action has been taken against entities, including 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 Acepearl Services Private Limited.
The ED initiated a money laundering investigation on the basis of an FIR dated October 8, 2021, filed under various sections of the Indian Penal Code (IPC) by the Cyber Crime Police Station, Kohima, Nagaland, against HPZ tokens and others.
The ED investigation has revealed that various Chinese-controlled entities, viz. Comein Network Technology Private Limited and others, in service agreements with various NBFCs, were also operating multiple suspicious loan/other apps (such as Cashhome, Cashmart, Easyloan etc.) and indulged in receiving funds from the public on the pretext of operating these apps.
The ED had earlier frozen bank/virtual accounts with balances amounting to Rs. 46.67 crore during the searches conducted on September 14m2022. After the recent raid, the amount frozen in the case stands at Rs 56.49 crore.
