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ED Cracks Down on ₹40-Crore HashPe Crypto Scam

Guavy AI Editorial Team
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Chennai-based Directorate of Enforcement (ED) has arrested two individuals in connection with the ₹40-crore HashPe cryptocurrency fraud case. The ED conducted searches on 11 premises in Chennai, Coimbatore, and Kolkata on September 1.

The investigation revealed that Hitesh Kumar, Imran Basha, and Syed Usman alias Babu had floated a fraudulent investment scheme under the name 'HashPe', promoting it as a cryptocurrency trading platform. The scheme lured investors with lucrative returns through trading in a purported cryptocurrency named 'TCX'.

The accused persons organised lavish promotional events, engaged Bollywood celebrities, and conducted extensive social-media campaigns to attract investors. They artificially inflated the value of the HashPe token to induce further investments.

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