ED Cracks Down on Rs. 40 Crore Hashpe Crypto Scam
The Enforcement Directorate (ED) conducted searches at 11 premises in Chennai, Coimbatore, and Kolkata on September 1, 2026, as part of an investigation into the 'Hashpe' cryptocurrency fraud case. The ED found evidence of a fraudulent investment scheme that promised lucrative returns through trading in a purported cryptocurrency named TCX.
According to the ED's investigation, Imran Basha, Syed Usman alias Babu, and Hitesh Kumar allegedly floated the Hashpe scheme, projecting it as a legitimate cryptocurrency trading platform. They used lavish promotional events, Bollywood celebrities, and extensive social media campaigns to attract investors.
The agency said that investor withdrawals were blocked, while funds collected were diverted to bank accounts linked to shell entities, associates, and relatives of the accused. An analysis of bank accounts showed that approximately Rs. 40 crore was collected through such activities, which was subsequently divided and layered for money laundering purposes.