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Probe: ‘hpz Token’ Has Chinese Loan App Links | Hyderabad News

Loan Scams

Probe: ‘hpz Token’ Has Chinese Loan App Links | Hyderabad News

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HYDERABAD: HPZ Token scam, in which crores of rupees were collected from people allegedly to mine cryptocurrency, has links with Chinese instant loan app fraud, an investigation by Registrar of Companies (RoC), Hyderabad, has revealed. RoC works under the Union ministry of corporate affairs (MCA).
The MCA report, which TOI has access to, stated that the directors of three Chinese firms in Hyderabad failed to attend RoC probe in person, and it has been recommended to issue Look Out Notices (LOC) against the directors of Chinese and Indian origin. MCA, which already lodged FIRs with Hyderabad police, has asked Enforcement Directorate to take up money laundering case against the companies and its promoters.
MCA sources said Lillian Technocab Private Limited and Shigoo Technology Private Limited, registered with RoC, NCT of Delhi, had collected money from investors in the name of ‘HPZ Token’.
Cos with Chinese links involved in money laundering
The companies, reportedly owned by Chinese nationals, are involved in alleged money laundering activities through cryptocurrency mining by assuring investors that their money was being used to buy mine cryptocurrencies such as HPZ Token.
The role of Hyderabad-based Tedal and Kata BioTechnologies came to light during investigation as they were linked to the two Delhi-based companies.
One of the directors of Tedal and Kata, Tashi Tsering, also holds directorship with Adbok Technology India Private Limited, Delhi, whose registered…

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