Security· ★★· bearish·

India's ED Arrests Two More in ₹146 Crore Hashpe Crypto Scam

  • —ED detained Syed Usman and Dhamodharan Balachandran on September 22 under Section 19 of the PMLA
  • —About ₹146 crore was raised from investors, with ₹10.52 crore routed through a Hify Circle bank account
  • —Proceeds were traced to personal accounts of the accused and relatives, with some invested in crypto and property
  • —ED searched 11 premises in Chennai, Coimbatore and Kolkata on September 1
Why it matters: The case highlights India's crackdown on crypto pyramid schemes posing as trading platforms, raising pressure on unlicensed projects.
Source: Coinpedia
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