CBI Cracks Down on Crypto Scam, Raids 7 Sites & Arrests 5

The Central Bureau of Investigation (CBI) has nabbed five suspects and raided seven locations across Delhi NCR, Hyderabad, and Bengaluru in connection with the sophisticated HPZ token cyber fraud. The case, part of the broader Operation Chakra-V, implicates Indian nationals working in collusion with foreign masterminds.

Investigators say the fraud spanned 2021–2023, carried out under the pretext of loans, jobs, investment, and crypto schemes. Funds were collected via shell entities, routed through mule bank accounts, converted to cryptocurrencies, and then laundered abroad through intricate layering mechanisms. Previously, the Enforcement Directorate had named 299 entities and 76 China-linked entities in a 2024 PMLA charge sheet concerning this case.

The CBI is now focused on tracing the full financial trail, identifying additional conspirators, and strengthening capacity in digital forensics to thwart evolving cyber-fraud networks.

Source: hindustantimes.com