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ED Seizes Rs 46 crore under PMLA in China-linked Crypto Mining Fraud Case

What’s the news? The Enforcement Directorate (ED) detected and seized Rs 46.67 crore during ‘search operations’ while investigating the app-based token HPZ and related entities under the Prevention of Money Laundering Act (PMLA), 2002, on 14th September.  The website of HPZ, which has now been taken down, promised huge returns to users for investing in mining machines for bitcoin and other cryptocurrencies.  During the search, “various incriminating documents have been recovered and seized. Huge balances were found to be maintained in the virtual accounts of the involved entities with payment aggregators”, the ED said.   Rs 33.36 crore was found with Easebuzz Private Limited in Pune, Rs 8.21 crore with Razorpay Software Private Limited in Bangalore, Rs 1.28 crore with Cashfree Payments India Private Limited in Bangalore and Rs. 1.11 crore with Paytm Payments Services Limited in New Delhi. A total…

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