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India’s ED Unravels HashPay Crypto Scheme
India’s Enforcement Directorate (ED) has uncovered a crypto investment scheme called HashPay. The project allegedly offered fake tokens and unrealistic return promises to attract investors. Investigators found that the platform used fake crypto tokens, artificial profit displays, and payouts funded by money from new investors. The ED identified two fictitious tokens, TCX and HashPay, used to attract investors. No genuine crypto trading occurred, but the platform showed fake profits from these tokens, leading investors to believe in notable profits. The ED has taken action against the platform, collecting around ₹112.91 crore from investors and identifying ₹49.54 crore as proceeds of crime. Four suspects have been arrested and are in judicial custody, with the investigation ongoing to determine how funds were collected, moved, and used.