New Delhi | The Central Bureau of Investigation (CBI) has filed a chargesheet against 30 accused, including two Chinese nationals, in the multi-crore HPZ Token cyber investment fraud, uncovering a sophisticated network of shell companies that allegedly laundered over ₹1,000 crore. The scam, which flourished during the Covid-19 lockdown, is being described by investigators as part of a broader wave of organised cybercrime targeting Indian investors in the post-pandemic period.
Fake Crypto App Promised High Returns During Lockdown
According to the CBI, the accused launched a fraudulent mobile application named HPZ Token, falsely promoting cryptocurrency mining-based investments with guaranteed and unusually high returns. Thousands of investors were lured into the scheme, with the fraudsters siphoning off large sums within a short span instead of deploying the money in any legitimate crypto activity.
Investigators said the app was projected as a cutting-edge digital investment platform at a time when lockdown restrictions had pushed many people toward online income opportunities.
Foreign-Controlled Shell Companies at the Core
The agency revealed that HPZ Token was operated through Shigoo Technology Pvt. Ltd., a company allegedly owned and controlled by Chinese nationals. The platform funneled investor funds through multiple shell entities, creating a complex financial maze to obscure the money trail.
CBI believes the operation was not standalone but part of a foreign-controlled cyber syndicate that ran multiple scams in parallel, including fake loan apps, bogus online job portals and other fraudulent investment platforms.
Chinese Nationals Named as Masterminds
Among the key accused named in the chargesheet are Wan Jun and Li Anming, both Chinese nationals. Wan Jun, director of Jilian Consultants India Private Limited, is alleged to have played a central role in structuring the financial and corporate backbone of the scam.
With the help of Indian associates, including Dortse, Wan Jun allegedly floated multiple shell companies such as Shigoo Technologies, which were used as conduits to collect, layer and launder criminal proceeds.
₹1,000 Crore Laundered Through Shell Accounts
The investigation has revealed that more than ₹1,000 crore was moved through shell-company bank accounts over a short period. The funds were routed through multiple layers to conceal both source and beneficiaries.
CBI officials said the syndicate exploited vulnerabilities in India’s banking and fintech ecosystem, taking advantage of newly introduced payment aggregator systems that allowed high-volume collections and rapid fund transfers.
Payment Aggregators Used to Create Illusion of Legitimacy
According to the chargesheet, payment aggregators—meant for legitimate digital businesses—were misused to quickly move money between accounts. This also enabled the fraudsters to return small amounts to some investors, creating false confidence and drawing in more victims.
The speed and scale of these transactions made early detection difficult, allowing the scam to expand rapidly.
Professionals Helped Set Up Fake Firms
The CBI found that company secretaries, chartered accountants and other professionals were engaged to incorporate shell companies and handle regulatory paperwork. After collection, the funds were allegedly converted into cryptocurrency and transferred out of India, further complicating the money trail.
The agency stated that all identified masterminds have now been charge-sheeted, though investigations are ongoing to trace additional collaborators and overseas links.
Probe Continues Under Operation Chakra-V
The CBI said the case forms part of its broader Operation Chakra-V, aimed at dismantling organised cybercrime networks operating across borders. Further investigation is underway to identify remaining suspects, international financial channels and hidden digital assets linked to the HPZ Token scam.
The agency reiterated its commitment to safeguarding investors, seizing illicit proceeds and strengthening international cooperation to counter emerging cyber frauds.
