India’s financial crime fighting organization, Enforcement Directorate (ED), has blocked US$1.2 million in account balances of several Chinese-controlled businesses as part of an inquiry into a suspected crypto scam employing the application-based token “HPZ” and similar apps. List of Companies Accused by ED In a news statement, India’s Enforcement Directorate named these businesses as Comein Network Technology Private Limited, Magic Data Technology Private Limited, Mobicred Technology Private Limited, Wecash Technology Private Limited, Larting Private Limited, Baitu Technology Private Limited, Magic Bird Technology Private Limited, Acepearl Services Private Limited, and Aliyeye Network Technology India Pvt. Ltd. HPZ Token – App-Based Token According to the ED, the HPZ Token was an “App-Based Token” that assured users of significant returns on their investment by equating them to investing in Bitcoin and other cryptocurrency mining equipment. Through the application, HPZ Token, and other similar applications, the scammers would initially attract victims into investing in their businesses under the prospect of doubling or quadrupling their initial investment. Investigation Results of ED The investigation results of ED showed that these businesses had contracts with various non-banking financial institutions and had received funds from the wider populace to run other suspect applications, including Cashhome, Cashmart, and easylo...