Odisha Among 30 Locations Hit in CBI’s App-Based Crypto Scam Bust

Bhubaneswar: The Central Bureau of Investigation (CBI) initiated a sweeping search operation across 30 locations in nine states and one Union Territory, including Odisha, in a concerted effort to dismantle fraudulent investment schemes perpetrated by Shigoo Technology Private Limited and Lillian Technocab Private Limited.

Raids were conducted in Odisha, Delhi (NCR), Rajasthan, Uttar Pradesh, Bihar, Madhya Pradesh, Maharashtra, Karnataka, Andhra Pradesh, and Tamil Nadu, with the highest number of searches concentrated in Delhi (NCR) and Rajasthan.

Significant digital evidence, comprising mobile phones, computer hard drives, SIM cards, ATM/Debit cards, email accounts, and various incriminating documents, was seized during the searches.

The CBI registered a case against Shigoo Technology Private Limited, Lillian Technocab Private Limited, and their Directors under pertinent sections of the IPC and the Information Technology Act, 2000. The investigation revolves around fraudulent investment schemes linked to the HPZ Token App.

The accused allegedly enticed the public into investing in non-existent cryptocurrency mining machine rentals through the HPZ Token App, promising substantial returns. They utilized approximately 150 bank accounts to amass funds from investors. Allegations suggest that these funds were initially utilized for payouts to build trust before being illicitly transferred out of India, often converted into cryptocurrency or routed through Hawala transactions.