Dimapur court has declared Bhupesh Arora, the mastermind behind the Rs 2,200 crore HPZ Token cryptocurrency scam, a fugitive economic offender. This ruling allows the government to seize Arora’s assets, who is reportedly hiding in Dubai.
Justice N Longshithung Ezung approved the Enforcement Directorate’s (ED) application to label Arora a fugitive and confiscate his properties. The scam primarily targeted investors in Nagaland and Assam, promising massive returns through cryptocurrency transactions.
The investigation revealed a complex fraud network:
- Over 140 shell companies across 20 states
- 200 bank accounts, mostly concentrated in Delhi, Karnataka, and Haryana
- Eight payment gateways used to swindle around Rs 200 crore
- Platforms like Razorpay, PayU, and Paytm were involved
The scam’s strategy was straightforward: lure investors with promises of doubling their money through the HPZ Token app. Nagaland police first filed an FIR in 2022, which led to the ED’s investigation. Subsequently, Assam police and CBI also registered cases.
The court’s decision marks a significant step in cracking down on cryptocurrency fraud and protecting investors from such elaborate scams.
Leave a Reply