New Delhi: The Central Bureau of Investigation (CBI) has filed a charge sheet against two Chinese nationals, identified as Wan Jun and Li Anming, in connection with the HPZ Token Investment Fraud, a massive scam that siphoned off over ₹1,000 crore through shell companies during the Covid-19 pandemic.

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How the Scam Operated

According to the CBI, the fraud was orchestrated through Shigoo Technology Pvt. Ltd., a company owned and controlled by the two Chinese nationals. The firm allegedly used a fake mobile application called “HPZ Tokens”, promising investors high returns from cryptocurrency mining during the Covid lockdown.

“Investigation found that this was not an isolated incident but part of a large, well-coordinated cybercrime network operated by foreign nationals,” a CBI official said.

The syndicate reportedly ran multiple scams targeting Indian citizens post-Covid using:

• Loan applications
• Fake investment platforms
• Bogus online job offers

Wan Jun and Li Anming initially came to India to set up the company and its infrastructure, after which they operated the business remotely from abroad. Both have remained fugitives and have not participated in the investigation.

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Local Operations and Arrests

When the CBI took over the probe, it cracked down on the company’s Indian operations, arresting six individuals: Dortse, Rajni Kohli, Sushanta Behra, Abhishek, Mohammad Imdhad Husain, and Rajat Jain.

The investigation revealed a complex web of operations, involving a total of 30 entities:

• The two Chinese nationals
• 27 other individuals
• Three companies

The CBI stated that Wan Jun, as director of Jilian Consultants India Pvt. Ltd., a subsidiary of the Chinese firm Jilian Consultants, created multiple shell companies with the help of Dortse, including Shigoo Technologies, to funnel funds.

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Money Laundering Mechanism

The probe uncovered sophisticated money-laundering operations, in which shell companies were used to move over ₹1,000 crore within months. Some of the strategies included:

• Exploiting payment aggregators in India, which were still in early stages, to move funds quickly between accounts
• Partially disbursing money back to investors to maintain confidence
• Converting funds into cryptocurrency before transferring them overseas

“The technology enabled access to multiple bank accounts simultaneously, allowing rapid collection and disbursement of funds,” the CBI spokesperson said.

Jilian Consultants also engaged professionals, including company secretaries, to create and manage shell companies, facilitating the laundering of massive sums while keeping investors unaware.

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Key Takeaways

• Over ₹1,000 crore were allegedly siphoned off during the scam.
• The fraud was orchestrated by an organized overseas syndicate, with local accomplices in India.
• The case highlights the misuse of nascent fintech systems, including payment aggregators and cryptocurrency.
• The CBI continues to track the absconding Chinese nationals, while domestic accomplices face charges.

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