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TMI BlogDubai-based man declared fugitive economic offender in HPZ Token 'fraud' caseX X X X Extracts X X X X X X X X Extracts X X X X ..... Dubai-based man declared fugitive economic offender in HPZ Token 'fraud' case X X X X Extracts X X X X X X X X Extracts X X X X ..... The court's ruling paves way for the federal agency to confiscate assets worth Rs 497 crore which were attached by the Enforcement Directorate as part of this investigation. The Special Prevention of Money Laundering Act (PMLA) court in Dimapur declared Gulshan Arora a fugitive economic offender under the provisions of the Fugitive Economic Offenders Act, 2018, the sources said. Arora, as per ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the ED, who left the country in September, 2022, is currently based in Dubai. The agency said the man never deposed before the investigators and even "did not comply" with a Gauhati High Court (Kohima Bench) order to cooperate with the agency. Arora could not be contacted for a comment. His counsel told the court that his client has been out of the country even since before the prosecution was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... launched and has not refused to return to India. The special court in Dimapur, after filing the charge sheet, summoned Arora, but as he failed to appear before it, the court issued a non-bailable warrant against him in July 2024. The ED filed an application before the court in October last year to get Arora declared a fugitive economic offender. The ED case stems from an FIR of the cyber cri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mes unit of Kohima Police that booked various people under sections of the IPC and the IT Act for allegedly duping investors by promising astronomical returns through Bitcoin and other crypto mining. Police said an app by the name of 'HPZ Token' was used by the accused to "cheat" the investors. A total of 299 entities, including 76 Chinese-controlled entities with ten Chinese-origin directors ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and two entities controlled by other foreign nationals, were named as accused in the charge sheet filed by the ED in this case in March last year. The agency informed the court that "huge" funds were collected by the accused by cheating the general public and the money was "diverted" to various shell companies, individuals and businesses through "fraudulent" schemes. Statements recorded by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... agency of various people stated that Bhupesh Arora and his close associates were the "persons behind" such "fraudulent" schemes and cheating of the public. "Subsequently at the behest of Bhupesh Arora, the said deposited amount was further transferred to create an untraceable layer of transactions and after several layers, the money was siphoned out of India through hawala route," the ED allege ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d. The ED has said that the "proceeds of crime" unearthed till now in this case was about Rs 2,200 crore. The agency said bank accounts and merchant IDs were opened by various "shell entities" having "dummy" directors for the purpose of "layering" of the proceeds of crime. These funds were "fraudulently" received for illegal online gaming and betting and investment in Bitcoin mining, it claime ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d.
For an investment of Rs 57,000, returns of Rs 4,000 per day for 3 months were promised but money was paid only once, after which the accused demanded fresh funds from the investors, the ED had said. PTI NES VN VN X X X X Extracts X X X X X X X X Extracts X X X X
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