The Central Bureau of Investigation (CBI) has launched a widespread search operation spanning 10 states and union territories across India in connection with an ongoing investigation into an app-based fraudulent investment scheme.
The operation, which covered 30 locations, resulted in the seizure of substantial digital evidence including mobile phones, computer hard drives, SIM cards, and incriminating documents. The CBI has registered a case against two private companies and their directors under various sections of the IPC and the Information Technology Act.
The scheme in question allegedly duped investors through the HPZ Token App, promising high returns on investments in non-existent cryptocurrency mining machine rentals. Investigators have uncovered approximately 150 bank accounts linked to the accused, used to collect funds from investors.
These funds were reportedly used for payouts to create a facade of legitimacy before being illicitly transferred out of India, often through cryptocurrency or Hawala transactions.
The CBI's search operation marks a crucial step in dismantling the fraudulent scheme and gathering evidence against those involved. The investigation is ongoing as authorities aim to bring the perpetrators to justice.