Actor Tamannaah Bhatia was recently questioned by the Enforcement Directorate (ED) in Guwahati regarding a money laundering case associated with the HPZ Token mobile app. This app has been accused of deceiving numerous investors in Assam by falsely promising profits through Bitcoin and other cryptocurrency mining.
Key Takeaways
- Tamannaah Bhatia questioned by ED in connection with HPZ Token scam.
- No incriminating charges against her, according to ED officials.
- The scam involved 299 accused individuals and entities, including 76 Chinese-controlled entities.
The ED's investigation centers around the HPZ Token app, which allegedly lured victims with promises of significant returns on investments in cryptocurrency mining. Investors were promised that their money would double, but after initial payouts, the operators ceased payments, rendering the platform inaccessible.
Bhatia reportedly received funds for a "celebrity appearance" at an event organized by the company behind the app to promote it. Although she had initially requested to defer her summons due to work commitments, she appeared before the agency on Thursday, where her statement was recorded under the Prevention of Money Laundering Act (PMLA).
Background of the HPZ Token Scam
The HPZ Token cryptocurrency scam is a fraudulent scheme that operated through an app-based token. Here are some key details:
- Promise of Returns: The app promised users large returns on investments in cryptocurrency mining, particularly Bitcoin.
- Initial Payouts: After some initial payouts, the operators stopped payments altogether.
- Inaccessibility: The platform became inaccessible, leaving many investors in the lurch.
Investigation Details
The ED and CBI investigations have revealed the involvement of various entities in the scam, including:
- Shigoo Technology
- Lillion Technocab
These entities are linked to Chinese-controlled companies and were also found to be running unregistered gaming apps. The investigation has identified 299 accused individuals and entities, including:
- 76 Chinese-controlled entities
- 10 directors of Chinese origin
- 2 entities controlled by foreign nationals
Financial Implications
The ED has taken significant action in response to the scam:
- Frozen Assets: Over ₹176.67 crore in assets have been frozen.
- Seized Funds: ₹55.56 crore has been taken from bank accounts and merchant IDs associated with the scam.
The authorities continue to investigate this multi-layered fraud under the Prevention of Money Laundering Act (PMLA). The probe was initiated based on an FIR registered by the Cyber Crime Police Station in Kohima, Nagaland, for alleged cheating of gullible investors through the app.
Conclusion
While Tamannaah Bhatia's involvement appears to be limited to a promotional role, the ongoing investigation into the HPZ Token scam highlights the risks associated with cryptocurrency investments. As authorities work to unravel the complexities of this case, many investors remain hopeful for justice and recovery of their lost funds.
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