Home / Crime and Justice / Chinese Syndicate Scams India: ₹1000 Cr Siphoned Off
Chinese Syndicate Scams India: ₹1000 Cr Siphoned Off
10 Dec
Summary
- CBI chargesheet details ₹1000 crore investment fraud by Chinese nationals.
- Fake HPZ Token app by Shigoo Technology promised high crypto returns.
- Syndicate used shell companies and payment aggregators for money laundering.
The Central Bureau of Investigation (CBI) has filed a chargesheet against 30 accused, including Chinese nationals Wan Jun and Li Anming, in a staggering ₹1,000 crore investment fraud case. The scam centered around a fake mobile application, 'HPZ Tokens,' operated by Shigoo Technology Pvt Ltd, which falsely promised exceptionally high returns through cryptocurrency mining investments.
This elaborate cybercrime syndicate, allegedly led by Chinese nationals, was not an isolated operation. The CBI revealed it was part of a larger network that also ran fraudulent loan apps and bogus investment platforms. Key masterminds, like Wan Jun, allegedly used shell companies, including Shigoo Technologies, established with the help of arrested individuals, to collect and launder the illicit proceeds.
The investigation further highlighted the syndicate's advanced methods, including the misuse of payment aggregators to swiftly transfer funds across multiple accounts and convert them into cryptocurrencies before transferring them out of India. The CBI remains committed to dismantling such networks through ongoing operations like Chakra-V.
