New Delhi, Dec 10 (IANS) The Central Bureau of Investigation (CBI) has filed a charge sheet against 30 accused persons, including two Chinese nationals, in connection with the multi-crore HPZ Token investment fraud, a sophisticated cybercrime network that allegedly cheated thousands of Indians during the Covid-19 lockdown period.

According to the agency, the fraud was executed through “a fake mobile application titled ‘HPZ Tokens’, claiming that investments would be used for cryptocurrency mining and would yield very high returns.” Within three months, the app drew in crores of rupees, all of which were allegedly siphoned off by the operators to shell companies controlled by foreign entities.

The charge sheet names Chinese nationals Wan Jun and Li Anming as key figures who directed and coordinated the operation. CBI said that Wan Jun was the director of Jilian Consultants India Pvt. Ltd., a subsidiary of a Chinese parent entity, and played a central role in setting up multiple shell companies, including Shigoo Technologies Pvt. Ltd., which ran the HPZ scheme.

CBI noted that these shell companies acted as conduits to launder the proceeds of crime. The investigation found that “the total money which had been moved from the bank accounts of these companies surpassed Rs 1,000 crore in a period of a few months.”

The fraud, according to the agency, was not an isolated case but part of a single, well-organised criminal syndicate operating from overseas, involved in a series of post-pandemic cyber scams through fake loan apps, fraudulent investment platforms and bogus online job offers.

The agency also highlighted the misuse of India’s emerging payment aggregator ecosystem. The sophisticated systems, designed to enable fast transactions for legitimate businesses, were exploited by the accused to rapidly transfer funds across several bank accounts. This enabled them to launder money at high speed and even “partially disburse the money back to investors to gain their confidence.”

CBI said Jilian Consultants had hired professionals, including company secretaries and chartered accountants, to create layers of shell companies. The funds were eventually converted into cryptocurrency and routed out of India.

Six people, including Dortse, Rajni Kohli, Sushanta Behra, Abhishek, Mohd Imdhad Husain, and Rajat Jain, were initially arrested. The charge sheet now names 27 individuals and three companies, with further investigation underway.

Reaffirming its commitment to combating cyber fraud, the CBI said it remains “steadfast in its unwavering commitment to dismantling these sophisticated cyber fraud networks through relentless operations like Chakra-V” and will continue to protect India’s digital ecosystem through international coordination, targeted arrests and asset seizures.

–IANS

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