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CBI conducts raids on fraudlent investment apps, files FIR against two private companies
KV Prasad Jun 13, 2022, 06:35 AM IST (Published)
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Summary
Private companies Shigoo Technology Private Limited and Lillian Technocab Private Limited along with their Directors are under CBI’s radar. The CBI had registered a case u/s 120-B r/w 419, 420 IPC and Section 66 D of the Information Technology Act, 2000.
The Central Bureau of Investigation (CBI) conducted a pan-India search operation against apps that were based on fraudulent investment schemes. The search operations covered 30 locations across 10 states across the country. The searches have been carried out related to the ongoing investigation of app-based fraudulent investment schemes. The CBI has the seized mobile phones, computer hard drives, SIM cards, ATM and Debit cards, email accounts, and various incriminating documents
Private companies Shigoo Technology Private Limited and Lillian Technocab Private Limited along with their Directors are under CBI’s radar. The CBI had registered a case u/s 120-B r/w 419, 420 IPC and Section 66 D of the Information Technology Act, 2000.
As per the allegations that the accused were involved in a fraudulent investment scheme linked to the HPZ Token App. The scheme involved misleading the public into investing in non-existent crypto-currency mining machine rentals. The HPZ is an app-based token which promises users large gains by investing in mining machines for Bitcoin and other cryptocurrencies. The fraudsters allegedly used a modus operandi that enticed victims to invest in the HPZ token app on the pretext of astronomical returns on their investments in Bitcoin mining.
The investigation has revealed that approximately 150 bank accounts related to the accused were used to collect funds from investors. These funds were initially used for payouts to build trust, before being illicitly transferred out of India, often converted into cryptocurrency or moved through Hawala transactions. Further investigations are underway.
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