The Enforcement Directorate (ED) announced on Thursday the attachment of fresh assets in India and Dubai valued at ₹106.20 crore in connection with its ongoing money laundering probe into the 'HPZ Token' case. The federal agency revealed that numerous investors were allegedly duped through an investment fraud scheme.

According to the ED's statement, the assets include properties linked to various individuals and companies, including shell entities with ties to China. These entities were allegedly involved in defrauding investors of hundreds of crores of rupees under the guise of doubling their investments. The fraudulent scheme operated through the app 'HPZ Token' as well as online gaming and betting platforms.

This development follows earlier actions by the ED in the same case, as part of its broader efforts to dismantle fraudulent operations and recover funds siphoned from unsuspecting investors.

The ED has named a total of 299 entities in its chargesheet filed in March in connection with the 'HPZ Token' money laundering case. Among these, 76 entities are reportedly controlled by Chinese nationals, with 10 directors of Chinese origin. Additionally, two entities are controlled by other foreign nationals.

The money laundering investigation originates from an FIR lodged by the cybercrimes unit of Kohima Police. The FIR accused multiple individuals and entities under sections of the Indian Penal Code (IPC) and the Information Technology (IT) Act of defrauding investors with promises of exorbitant returns from Bitcoin and cryptocurrency mining schemes.

According to the police, a mobile application named 'HPZ Token' was central to the fraudulent operation, which was used to lure and cheat investors under the guise of high-yield returns. The ED's chargesheet forms part of its ongoing crackdown on financial crimes and investment scams.

The ED has uncovered the use of shell entities with dummy directors to facilitate the "layering" of proceeds from illegal activities in the HPZ Token case. These entities allegedly opened multiple bank accounts and merchant IDs to process funds fraudulently obtained through illegal online gaming, betting, and purported investments in Bitcoin mining, the agency stated.

According to the ED, the accused promised investors lucrative returns, such as ₹4,000 per day for three months on an investment of ₹57,000. However, after an initial payout, no further payments were made, and fresh funds were solicited from the investors under false pretences.

Country-wide raids conducted by the ED have led to the seizure of immovable assets and deposits worth ₹603 crore to date, including the recent attachment of properties valued at ₹106.20 crore. These actions are part of the agency's broader effort to dismantle financial fraud networks and recover misappropriated funds.