ED uncovered 106 Crore "Nagaland Crypto Scam"

The Enforcement Directorate of India revealed a 106 crore Rs. cryptocurrency scam in Nagaland, a northeastern state of India. The Chinese and seven Indian nationals are involved in this scam.

According to the Authority, India and Dubai valued at Rs.106.20 Crore(approx.) belonging to various persons and shell entities, including Chinese-linked shell entities, which were found to be involved in duping the investors of hundreds of crores on the pretext of doubling their investment through the app “HPZ Token” and in online gaming and betting websites.

ED investigations have brought out that for an investment of Rs.57,000/- returns of Rs. 4,000 per day for 3 months were promised. Initially, returns were paid to gain the confidence of investors and simultaneous lucrative offers of fresh investments were proposed leading to more investments by gullible investors. Thereafter, the funds so collected were siphoned off and the App/website became inaccessible.

The ED recovered Rs 106 crore for India and Dubai, bringing the total scam to Rs 603 crore. The FIR was registered by the Kohima Police Station's cybercrime unit. The ED started its inquiry. Further inquiry is ongoing.

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