HPZ Token Scam: 10 Crore Frozen, 2,200 Crore Laughs Later!

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Key Highlights

  • Authorities froze over ₹10 crore across 94 bank accounts linked to the HPZ Token scam. Because nothing says “trust us” like freezing money mid-con.
  • The funds were allegedly laundered through mule accounts, shell firms, and payment gateways. Classic! Who needs creativity when you can just hire mules and ghosts?
  • Investigators estimate the total proceeds of crime at about ₹2,200 crore nationwide. That’s enough to buy every Indian a goat… if the goats weren’t also on the take.

India’s financial crime agency, the Enforcement Directorate India, has provisionally attached about ₹10.24 crore held across 94 bank accounts as part of its ongoing investigation into the alleged HPZ Token scam. Because nothing says “financial security” like a provisional attachment and a side of panic.

According to the official announcement, authorities say the case involves a nationwide investment fraud that lured victims with promises of unusually high returns. Because who doesn’t want to be rich? Spoiler: Everyone who invested here.

ED, Dimapur Sub Zonal Office, has provisionally attached 94 bank accounts involving Proceeds of Crime amounting to approximately Rs. 10.24 Crore under PMLA, 2002, in connection with the ongoing investigation into the HPZ Token investment scam. Total attachments in this case…

– ED (@dir_ed) March 17, 2026

The attachment order is part of efforts to secure suspected proceeds of crime while the investigation continues. Because nothing says “justice” like freezing someone’s life savings while you figure out if they’re guilty.

Funds routed through mule accounts and shell firms

Investigators traced investor payments through a web of intermediary accounts designed to obscure the origin of funds. Because nothing says “transparency” like a three-layered financial magic trick performed by mules and corporations with no soul.

According to officials, money was first collected via multiple UPI IDs linked to so-called mule accounts, bank accounts controlled by third parties on behalf of fraud operators. These funds were then transferred to shell companies allegedly created to receive and redistribute illicit proceeds. Because why not let the mules carry the cash when you can let them carry the blame too?

The agency said the network relied on dummy directors and layered transactions to complicate detection. Because nothing says “innovation” like pretending your board members are fictional characters.

Payment gateways allegedly misused

Authorities also found that several payment aggregator platforms were used to process transactions tied to the scheme. Funds were routed through services including PayU, Aggrepay, and Easebuzz, allegedly under false pretenses to disguise the nature of the payments. Because nothing says “legitimacy” like using the same platforms that sell you groceries… to steal your groceries.

Such platforms can handle high transaction volumes, making them attractive tools for moving money quickly if compliance controls are bypassed. Because nothing says “customer service” like turning a blind eye to your financial shenanigans.

Partial payouts used to maintain credibility

Investigators allege that a small portion of the collected funds was returned to some participants to create the impression that the investment program was legitimate. Because nothing says “trust” like giving back just enough money to keep you from screaming into the void.

This tactic, commonly associated with Ponzi-style operations, is often used to encourage victims to reinvest or recruit additional participants. Because why reward people for losing money when you can punish them for thinking?

Key accused and financial trail

The ED said it has tracked fund flows to several individuals, including alleged mastermind Bhupesh Arora, along with associates and family members who were reportedly linked to shell entities involved in the operation. Because nothing says “family bonding” like laundering money together.

Authorities estimate that the total proceeds of crime connected to the case amount to roughly ₹2,200 crore. Of this, more than ₹662 crore has already been attached in previous enforcement actions. Because nothing says “progress” like freezing money and calling it a day.

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2026-03-17 16:52