HYDERABAD: The ED on Friday raided a payment gateway office in connection with HPZ token fraud case. The raid was part of ED’s country-wide operations at 16 locations based on the complaint lodged by Kohima Cybercrime police in October 2021.HPZ is an application based token which lures individuals into investing in bitcoins and other crypto currency in mining machines by promising huge gains.
In its official presser, ED stated, “Part amount was paid back to the investors and the remaining was diverted to various individual and company accounts through various payment gateways/banks from where partly it was siphoned off in digital and virtual currencies. After that, the fraudsters stopped the payments and the website became inaccessible.”
ED also added, “Investigation revealed that the HPZ token was operated by Technocab Private Ltd and Shigoo Technology Private Limited. Shigoo Technology Private Limited was also found linked to various Chinese controlled companies.” It was also revealed that various other companies were indulging in receiving funds from public on the pretext of operating various applications or websites for gaming, loans and others. ED suspected involvement of Jilian Consultants India Pvt Ltd, Gurugram, behind various companies involved in these frauds.