Chennai, November 3, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has filed a prosecution complaint before the Special PMLA Court in Puducherry in an alleged cryptocurrency investment fraud involving M/s Pan India Crypto Currency, popularly known as Hashpe. The agency has also provisionally attached assets worth Rs 14.16 crore.
The attached assets include immovable properties in Tamil Nadu, Haryana and New Delhi, BMW cars and bank account balances, the ED’s Chennai Zonal Office-II said on Tuesday.
According to the agency, the scheme allegedly collected around Rs 112.91 crore from investors by promising daily returns of one per cent, earnings of up to three times the investment, luxury cars, foreign tours and referral commissions. It operated through the website hashpe.io and a multi-level marketing network allegedly managed by Imran Basha, Hitesh Kumar, Syed Usman alias Babu, Dhamodharan and their associates.
The promoters allegedly encouraged investments through cash, bank transfers and cryptocurrency. The platform displayed profits through fictitious tokens, including TCX and Hashpe, without carrying out genuine trading activities, the ED said.
Investigators found that money collected from new investors was allegedly used to pay earlier investors and commissions to agents designated as “Leaders”, indicating a Ponzi-type operation. The scheme collapsed after withdrawals were blocked and the platform was disabled, leaving investors with substantial losses.
The ED said the remaining funds were routed through bank accounts linked to M/s HIFY Circle, associated individuals and entities, as well as cryptocurrency wallets. The agency alleged that substantial amounts were diverted towards personal expenditure, loan repayments, commissions, promotional activities and asset purchases. It has identified approximately Rs 49.54 crore as proceeds of crime.
The money-laundering investigation originated from an FIR registered by the Cyber Crime Police Station in Puducherry under the Bharatiya Nyaya Sanhita and the Information Technology Act. The ED had earlier searched premises linked to Hashpe and its promoters on September 1, 2026.
FOLLOW NOW
