Overview
- CBI says about Rs 1,000 crore was routed from bank accounts to shell companies within months after the HPZ app launched in 2021.
- Investigators identify Wan Jun of Jilian Consultants India and Li Anming as key coordinators, with Shigoo Technologies used to run the scheme.
- The syndicate exploited payment aggregators and layered accounts to collect investments and briefly return funds to cultivate investor confidence.
- Proceeds were converted to cryptocurrency and transferred out of India through fronts created with help from professional intermediaries.
- The Enforcement Directorate has frozen assets worth Rs 603.4 crore, and CBI says probes and international action continue under Operation Chakra-V.