Enforcement Directorate arrests two in Rs 40 crore Hashpe crypto fraud

The Enforcement Directorate (ED) has arrested Hitesh Kumar and Imran Basha in connection with a cryptocurrency investment fraud involving the Hashpe platform. The investigation, initiated following an FIR by the Puducherry Cyber Crime Police, alleges that the accused defrauded investors of approximately Rs 40 crore.

The scheme operated by promising lucrative returns through a purported cryptocurrency token named ‘TCX’. To attract investors, the group allegedly organized lavish promotional events, utilized social media campaigns, and engaged Bollywood celebrities. The ED stated that the value of the token was artificially inflated before investor withdrawals were blocked.

Investigators found that the collected funds were diverted through shell entities and transferred to the personal bank accounts of the accused, their associates, and relatives to fund lavish lifestyles. The ED conducted search operations at multiple premises across Chennai, Coimbatore, Kolkata, and Nagapattinam as part of the money-laundering probe.