The CBI has filed a charge sheet against two Chinese nationals who were allegedly the masterminds of the HPZ Token Investment Fraud case. Officials today said that in this fraud case, over one thousand crore rupees were siphoned off through shell companies during COVID.

 

The CBI has alleged that Shigoo Technology Pvt. Ltd., owned and controlled by Chinese, allegedly cheated the public during the COVID-19 lockdown using a fake mobile application titled HPZ Tokens. The company claimed that investments would be used for cryptocurrency mining and would yield very high returns.

 

When the CBI took over the investigation, it immediately cracked down on its local operations, arresting six persons. The investigations revealed a massive, intricate web of operation in which all the 27 involved accused were unmasked. The CBI filed a charge sheet against 30 entities, including two Chinese nationals and 27 other individuals, besides three companies.

 

The officials said, Wan Jun and Li Anming had come to India to set up the company and infrastructure, following which they left the country and operated the company remotely from abroad. Both never joined the investigation and remained fugitives. 

 

CBI’s investigation found that this was not an isolated incident but part of a large, well-coordinated cybercrime network operated by foreign nationals. This syndicate was responsible for several cyber scams targeting Indian citizens in the post-COVID period using loan apps, fake investment apps and platforms offering bogus online job offers.