CBI Probes Nationwide Investment Scam
The scam tricked people into investing in cryptocurrency mining machines that didn't actually exist.
The Central Bureau of Investigation has searched 30 places in 10 states and Union territories across India, as on Wednesday, to investigate a scam involving fraudulent investments through a mobile app, according to a press release.
They found important digital clues like phones, computers, SIM cards, and documents during the searches.
The CBI filed a case against two private companies and their directors under certain sections of the law. They are accused of running a scam connected to an app called HPZ Token. The scam tricked people into investing in cryptocurrency mining machines that didn't actually exist.
The HPZ app promised a huge profit by investing in these machines for Bitcoin and other cryptocurrencies. The scammers persuaded victims to invest by claiming they would get huge returns from Bitcoin mining.
The investigation found that around 150 bank accounts linked to the suspects were used to gather money from investors. At first, some of this money was paid out to make investors feel secure, but then it was illegally sent out of India, sometimes changed into cryptocurrency or moved through secret money transfer methods.
These searches are an important part of the investigation to stop the scam and gather proof against those responsible. The investigation is still ongoing to uncover more details.
