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India’s HPZ Token Scam: CBI Charges 30 in $120M Crypto Fraud

India’s HPZ Token Scam: CBI Charges 30 in $120M Crypto Fraud

Author:

Global Cryptocurrency

Published:

2025-12-11 06:33:01

22

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BTCCSquare news:

Indian investigators have unmasked a sophisticated crypto scam that exploited pandemic desperation. The Central Bureau of Investigation alleges Chinese operatives used shell companies and a fake mining app to siphon ₹1,000 crore ($120M) from vulnerable investors during COVID-19 lockdowns.

Funds moved through payment processors to cryptocurrency wallets before exiting India—a pattern mirroring global pig-butchering schemes. The HPZ Token app promised unrealistic returns on crypto investments, but forensic trails show zero actual mining activity.

This case highlights growing regulatory concerns about cross-border crypto fraud rings targeting emerging markets. Unlike decentralized finance hacks, these operations rely on psychological manipulation rather than technical exploits.

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