New Delhi: The Central Bureau of Investigation (CBI) has launched a nationwide crackdown, raiding 30 locations in 10 states and union territories in connection with a fraudulent investment scheme linked to the HPZ Token App.

According to officials, the CBI initiated action after filing a case related to a scam where the public was duped into investing in fake cryptocurrency mining machine rentals. The operation, which spanned across the country, concluded on Tuesday night.

The case involves two private companies, Shigoo Technology Private Limited and Lillian Technocab Private Limited, along with their directors, who have been charged under various sections of the Indian Penal Code and the Information Technology Act.

During the raids conducted in Delhi-NCR, Jodhpur, Mumbai, Bengaluru, Tamil Nadu, Andhra Pradesh, Uttar Pradesh, Bihar, Odisha, and Madhya Pradesh, the CBI seized digital devices like laptops, mobile phones, ATM and debit cards, along with numerous email accounts.

"The HPZ Token App lured users with promises of substantial profits through investments in Bitcoin and other cryptocurrencies using mining machines. The perpetrators employed tactics to convince victims to invest in the app, claiming astronomical returns," stated the CBI.

Investigations have revealed around 150 bank accounts associated with the accused, which were used to gather funds from investors. "Initially, these funds were used to make payouts to instill trust, but later they were illegally transferred out of India, often converted into cryptocurrency or routed through Hawala transactions," the CBI added in a statement on Wednesday.

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