Hashpe Cryptocurrency Scheme Unraveled, Two Key Figures Arrested
A cryptocurrency scheme called Hashpe has been dismantled by India's Enforcement Directorate after raids across three cities. The agency arrested two key figures, Imran Basha and Hitesh Kumar, who allegedly orchestrated a layered fraud that collected approximately Rs 40 crore before collapsing under regulatory scrutiny.
The accused used multiple tactics to attract investors, including lavish promotional events, hiring Bollywood celebrities as endorsers, and running extensive social media campaigns. Once investors joined the platform, the price of the Hashpe token was artificially inflated to encourage larger deposits.
The platform then blocked all withdrawal requests, trapping capital on the system. Trapped funds were diverted to shell entities, personal bank accounts of the accused, and accounts linked to their associates and family members.