NEW DELHI: In a massive crackdown against App-based fraudulent investment schemes involving Shigoo Technology Private Limited and Lillian Technocab Private Limited, the Central Bureau of Investigation CBI on Wednesday conducted a nation-wide search operation covering 30 locations across nine states and one Union Territory (UT), officials said.
The officials said the raids were conducted in Delhi (NCR), Rajasthan, Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Odisha, Karnataka, Andhra Pradesh and Tamil Nadu. The maximum of 6 locations each were searched in Delhi (NCR) and Rajasthan, they added.
A senior CBI official said, “The searches led to the seizure of significant digital evidence, including mobile phones, computer hard drives, SIM cards, ATM/Debit cards, email accounts, and various incriminating documents.” He further noted that searches conducted in this case, is a critical step in the ongoing investigation to dismantle the fraudulent schemes and gather evidence against the accused.
The CBI had registered a case under various relevant sections of the IPC and the Information Technology Act, 2000 against two private companies - Shigoo Technology Private Limited and Lillian Technocab Private Limited – and their Directors, on the allegations that the accused were involved in a fraudulent investment scheme linked to the HPZ Token App, the official said.
“The scheme involved misleading the public into investing in non-existent crypto-currency mining machine rentals. The HPZ is an app-based token which promises users large gains by investing in mining machines for Bitcoin and other crypto currencies. The fraudsters allegedly used a modus operandi that enticed victims to invest in the HPZ token app on the pretext of astronomical returns on their investments in Bitcoin mining,” the official said.
The investigation, so far, has revealed that approximately 150 bank accounts related to the accused were used to collect funds from investors, he said, while alleging that the funds were “initially used for payouts to build trust, before being illicitly transferred out of India, often converted into cryptocurrency or moved through Hawala transactions”.