India’s Central Bureau of Investigation (CBI) has uncovered a major international fraud linked to the HPZ cryptocurrency token as part of its ongoing Operation Chakra-V. According to officials, investors were cheated of hundreds of crores of rupees through fake offers related to loans, jobs, investments, and cryptocurrencies.
The scam, which ran between 2021 and 2023, involved the creation of bogus companies in India that operated under the direction of foreign masterminds, as per reports. The CBI is now following the money trail and working to identify those behind the operation.
The companies had set up specific bank accounts to gather the funds, which were later converted into cryptocurrency and moved out of the country. The money was channelled through several crypto wallets and transferred across borders using layered financial routes, helping the perpetrators hide the illicit proceeds and cover their tracks.
CBI raids uncover the fraud, five arrested
On October 3, 2025, the CBI conducted searches in Delhi NCR, Hyderabad, and Bengaluru, finding digital evidence and financial records. During the searches, the authorities found important digital evidence and financial records that show wrongdoing. As per the X post, the case is registered under charges of criminal conspiracy, impersonation, fraud, and violations of the Information Technology Act.
The CBI has arrested five people who played big roles in carrying out the fraud. These individuals are being taken to court as part of the legal process.
Further investigation is ongoing to trace the cross-border financial trails, to identify additional individuals and entities involved in it, and to fully uncover the scope of the conspiracy.
The CBI is also using ongoing smart investigations, working with other agencies, and using advanced digital tools to break up complicated international fraud networks.
Also Read: India’s ED Charges Raj Kundra Over ₹150 Crore in Gain Bitcoin Scam
