The Enforcement Directorate (ED) has taken possession of movable properties worth about ₹55.36 crore in the form of balances available in the bank accounts and merchant IDs held by various shell and Chinese-linked entities in connection with a case involving mobile app HPZ Token and others.
After freezing the assets, the central agency had filed an application before the adjudicating authority under the Prevention of Money Laundering Act (PMLA), which upheld the decision and allowed the retention of properties.
The ED probe is based on a first information report (FIR) registered by the Cyber Crime police station in Nagaland’s capital Kohima alleging that thousands of investors were duped on the false promise of phenomenal returns on investments for mining bitcoins.
