What is the HPZ Token investment fraud case?

It's a ₹1,000 crore cybercrime involving a fake mobile app, HPZ Tokens, by Shigoo Technology, led by Chinese nationals who defrauded Indian citizens.

Who are the main accused in the HPZ Token scam?

The CBI has named 30 accused, including Chinese nationals Wan Jun and Li Anming, who allegedly directed the operation using shell companies.

How did the HPZ Token scam syndicate launder money?

They used shell companies like Shigoo Technologies and misused payment aggregators to move funds rapidly across accounts before converting them to cryptocurrency.

Home / Crime and Justice / Chinese Syndicate Scams India: ₹1000 Cr Siphoned Off

Chinese Syndicate Scams India: ₹1000 Cr Siphoned Off

10 Dec

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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.

Chinese Syndicate Scams India: ₹1000 Cr Siphoned Off

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.