A surge in cross-border crypto-related financial crimes has prompted intensified enforcement by Indian authorities as digital assets become central to transnational fraud operations. The Central Bureau of Investigation (CBI) announced on Oct. 4 that it had conducted coordinated nationwide searches linked to the HPZ cryptocurrency token fraud case as part of its ongoing Operation Chakra-V initiative. The operation led to the seizure of significant digital and financial evidence during raids in Delhi NCR, Hyderabad, and Bengaluru.

“These frauds were facilitated through the creation of multiple shell companies, which were used to open mule bank accounts,” the CBI explained, adding:

The proceeds collected from victims were routed through these accounts, converted into cryptocurrencies, and subsequently transferred outside India through complex financial layering and crypto conversion routes.

The investigation revealed that between 2021 and 2023, cybercriminals disguised loan, job, and investment schemes to defraud individuals across India.

Funds collected from victims were funneled through fake entities onboarded onto fintech and payment aggregator platforms before being moved abroad through crypto channels.

“The case, registered under criminal conspiracy, impersonation and fraud and offences under Information Technology Act, pertains to an elaborate criminal conspiracy orchestrated by foreign-based masterminds in collusion with Indian nationals,” the CBI added, noting:

The CBI has arrested five accused for their active involvement in executing the fraud. They are being produced before the competent court as per due process of law.

Authorities said the inquiry remains ongoing to trace the full financial network, identify additional suspects, and determine the global reach of the operation. The agency reaffirmed its commitment to tackling cyber-enabled financial crimes through advanced digital forensics, intelligence-driven monitoring, and inter-agency collaboration. Despite the scrutiny, crypto advocates argue that blockchain technology itself can enhance transparency and traceability when applied under effective regulatory oversight.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。