Follow us on Google News
The Puducherry Cyber Crime Special Cell has apprehended Imran Basha, the alleged mastermind of a massive ₹100 crore cryptocurrency fraud, from Bengaluru. He is the prime accused in a multi-state scam involving the fictitious crypto token, Hashpe, blamed for duping investors across various states since 2024.
FCRF x CERT-In Roll Out National Cyber Crisis Management Course to Prepare India’s Digital Defenders
Duped Investors, Deceptive Promises, and Arrested Accomplices
According to authorities, Basha and his accomplices promised investors unrealistically high returns—tripling investments in just two months—through promotion of Hashpe via social media, celebrity endorsements, and staged influencers. Basha’s arrest follows the earlier detention of Syed Usman, alias “Babu,” the token’s managing director, also nabbed in Coimbatore in mid-May after evading arrest for six months. Prior arrests also included figures such as Damodaran, Hitesh Jain, and Aravind Kumar, indicating a deep-rooted gang involved in the scam.
The scam’s impact came to public attention when Asokan of Lawspet, Puducherry, reported losing ₹93 lakh. His complaint led to six additional reports totalling ₹2.5 crores from investors in the Union Territory. On a larger scale, authorities estimate total investor losses across India to exceed ₹100 crore.
Algoritha: The Most Trusted Name in BFSI Investigations and DFIR Services
Seized Assets and Continuing Investigation
During the arrests of Basha and Usman, law enforcement seized luxury assets, including high-end cars worth up to ₹1.5 crore. The modus operandi involved inflating the value of the Hashpe token to lure investors before freezing withdrawals and sending earlier transfers to shell accounts and distributors. Intelligence suggests that over five additional suspects connected to the network remain at large.
Puducherry police officers Narra Chaitanya (SSP) and S. Baskarane (SP) are leading the case. They are coordinating with multiple states as this fraud operation spans at least six jurisdictions. Authorities are now working exhaustively to identify untraced accomplices, recover assets, and freeze bank accounts tied to the syndicate.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change.
