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The Directorate of Enforcement has provisionally attached movable and immovable assets worth about ₹14.16 crore and filed a prosecution complaint in connection with the alleged Hashpe cryptocurrency investment scam.
The action was taken by the ED’s Chennai Zonal Office-II under the Prevention of Money Laundering Act, 2002. The attached assets include immovable properties in Tamil Nadu, Haryana and New Delhi, a BMW car and balances held in bank accounts.
The prosecution complaint has been filed before the Special PMLA Court in Puducherry.
Hashpe Promised Daily Returns and Luxury Rewards
The ED investigation was initiated on the basis of an FIR registered by the Cyber Crime Police Station in Puducherry under provisions of the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000.
According to the ED, promoters of Hashpe collected funds from investors by presenting the platform as a cryptocurrency-based investment scheme.
The scheme allegedly promised daily returns of 1 per cent, returns of up to three times the original investment, referral commissions and rewards such as luxury cars and foreign tours.
The platform operated through the website hashpe.io and used a multi-level marketing structure to attract new investors.
ED Names Promoters and Associates
The ED said the scheme was operated by promoters Imran Basha, Hitesh Kumar and Syed Usman alias Babu, along with Dhamodharan and other associates.
Members of the public were allegedly induced to invest through cash payments, bank transfers and crypto assets.
The platform offered fictitious crypto coins, including TCX and Hashpe, and allegedly displayed profits despite there being no corresponding genuine trading activity.
According to the agency, funds received from new investors were used to make payments to earlier investors and to pay commissions to agents described as “Leaders”.
This pattern, the ED alleged, allowed the scheme to continue attracting fresh investments while creating the appearance of profitable returns.
Withdrawals Later Blocked
The ED said that withdrawals were subsequently blocked and the Hashpe platform was disabled.
Investors were then unable to access funds shown in their accounts, resulting in financial losses.
The agency said the scheme had mobilised investments worth approximately ₹112.91 crore.
A portion of that amount was returned to investors, while the remaining funds were allegedly diverted through bank accounts and crypto wallets linked to the operators and associated entities.
Funds Routed Through HIFY Circle and Crypto Wallets
The investigation found that investor funds were routed through bank accounts belonging to M/s HIFY Circle and other associated persons and entities.
Crypto wallets were also allegedly used to move portions of the funds.
According to the ED, money collected through the scheme was diverted for personal expenses, loan repayments, substantial commissions, promotional events and the purchase of assets.
The agency has identified proceeds of crime worth approximately ₹49.54 crore during the investigation.
₹14.16 Crore Assets Attached
As part of the latest action, the ED provisionally attached assets worth around ₹14.16 crore on October 30, 2026.
The attachment includes immovable properties located in Tamil Nadu, Haryana and New Delhi.
A BMW vehicle and balances lying in bank accounts have also been attached under the PMLA.
The agency has treated the assets as linked to the proceeds generated through the alleged investment scheme.
Four Accused in Judicial Custody
The ED had earlier conducted searches on September 1, 2026, at premises linked to Hashpe, its promoters and their associates.
Following the searches, Imran Basha, Hitesh Kumar, Syed Usman alias Babu and Dhamodharan were arrested under Section 19 of the PMLA.
All four accused are currently in judicial custody.
The latest prosecution complaint moves the case into the next stage of proceedings before the Special PMLA Court in Puducherry.
Probe Into Investor Funds Continues
The ED said further investigation in the case is continuing.
The probe is examining how investor money was collected, routed through bank accounts and crypto wallets, paid out as commissions and allegedly converted into personal and other assets.
The case centres on allegations that a cryptocurrency investment platform used high-return promises and multi-level marketing incentives to attract investors before withdrawals were stopped and the platform was disabled.
With the latest ₹14.16 crore attachment and the filing of the prosecution complaint, the ED has widened its action against the alleged financial network behind Hashpe.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
