India ED Freezes $1.2 Million In Accounts Of “Chinese-controlled Entities”
As part of an investigation into potential crypto fraud involving the app-based token HPZ and similar apps, India’s financial crime-fighting agency has blocked $1.2 million in account balances of several “Chinese-controlled entities.”
The companies were identified as Comein Network Technology Private Limited, Mobicred Technology Private Limited, Magic Data Technology Private Limited, Baitu Technology Private Limited, Aliyeye Network Technology India Pvt Ltd, Wecash Technology Private Limited, Larting Private Limited, Magic Bird Technology Private Limited, and Acepearl Services Private Limited in a press release by India’s Enforcement Directorate (ED).
According to the ED, the scammers promised HPZ token owners substantial returns on investments and claimed to be investing in Bitcoin and other cryptocurrencies.
The ED’s investigations discovered that these firms had received public funds to operate additional suspect applications such as Cashhome, Cashmart, and easyloan, and that they had service agreements with other non-banking financial organizations.
The ED previously stated that it had frozen $5.7 million in the bank and virtual account balances after searches conducted on September 14. The total sum frozen in this instance is currently $6.9 million.
The ED has been actively cracking down on cryptocurrency exchanges in India, as well as persons accused of building programs to defraud the public.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Website: coincu.com
Harold
CoinCu News
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India ED Freezes $1.2 Million In Accounts Of “Chinese-controlled Entities”
As part of an investigation into potential crypto fraud involving the app-based token HPZ and similar apps, India’s financial crime-fighting agency has blocked $1.2 million in account balances of several “Chinese-controlled entities.”
The companies were identified as Comein Network Technology Private Limited, Mobicred Technology Private Limited, Magic Data Technology Private Limited, Baitu Technology Private Limited, Aliyeye Network Technology India Pvt Ltd, Wecash Technology Private Limited, Larting Private Limited, Magic Bird Technology Private Limited, and Acepearl Services Private Limited in a press release by India’s Enforcement Directorate (ED).
According to the ED, the scammers promised HPZ token owners substantial returns on investments and claimed to be investing in Bitcoin and other cryptocurrencies.
The ED’s investigations discovered that these firms had received public funds to operate additional suspect applications such as Cashhome, Cashmart, and easyloan, and that they had service agreements with other non-banking financial organizations.
The ED previously stated that it had frozen $5.7 million in the bank and virtual account balances after searches conducted on September 14. The total sum frozen in this instance is currently $6.9 million.
The ED has been actively cracking down on cryptocurrency exchanges in India, as well as persons accused of building programs to defraud the public.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join us to keep track of news: https://linktr.ee/coincu
Website: coincu.com
Harold
CoinCu News
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