Indian Law Enforcement Agency Confiscated $1.2 Million In A Scam


India’s financial watchdog, Enforcement Directorate (ED), confiscated $1.2 million in an investigation of a fraud scheme relying on an App-based token, HPZ. Per an official press release published on September 29, several apps offered users to buy the HPZ tokens to have higher returns. And the investigations revealed that the “Chinese-controlled entities” were behind the scam.

Cryptocurrency has seen wide adoption in recent years. And since digital assets became the mainstream exchange source in everyday life, it opened a way for fraudsters to deceive people and wipe out their money anonymously in the crypto. Consequently, the increasing number of crypto scams and fraud activities awakened the global law enforcement agencies to protect users and fight illegal operators.

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The FIR, filed on October…

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