Chennai, September 4, 2026 (Yes Punjab News)
The Enforcement Directorate (ED) has arrested two key accused after conducting searches at 11 premises in Chennai, Coimbatore and Kolkata as part of a money-laundering investigation into an alleged Rs 40 crore Hashpe cryptocurrency investment fraud.
The ED’s Chennai Zonal Office carried out the searches under the Prevention of Money Laundering Act (PMLA), 2002, the agency said in a statement on Friday.
The probe was initiated following an FIR registered by the Puducherry Cyber Crime Police against unidentified persons.
According to the ED investigation, Hitesh Kumar, Imran Basha and Syed Usman alias Babu, along with their associates, allegedly operated a fraudulent investment scheme under the name “Hashpe”. The platform was presented as a cryptocurrency trading venture, with investors allegedly lured by promises of lucrative returns from trading in a purported cryptocurrency called “TCX”.
The agency said the accused allegedly organised lavish promotional events, engaged Bollywood celebrities and ran extensive social media campaigns to attract investors. The value of the purported Hashpe token was allegedly inflated artificially to encourage further investments.
The ED alleged that withdrawals were subsequently blocked and investors’ funds diverted to bank accounts linked to shell entities, associates and relatives of the accused.
Analysis of bank accounts indicated that around Rs 40 crore was collected from investors. The funds were allegedly layered and diverted, with a substantial portion transferred to the personal accounts of Imran Basha and Hitesh Kumar and to business entities linked to them and their family members.
The agency said the alleged proceeds of crime were used to finance lavish lifestyles and purchase immovable properties.
During the searches, the ED seized incriminating documents and digital evidence allegedly linked to the money-laundering offence.
Imran Basha and Hitesh Kumar were arrested under Section 19 of the PMLA on September 3 and produced before the Special Court (PMLA), which granted five days’ custody of both accused.
The investigation is continuing, the ED said.
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