DIMAPUR, Jan 24: The Special Court of the Prevention of Money Laundering Act (PMLA) in Dimapur, Nagaland, has declared Bhupesh Arora a Fugitive Economic Offender in connection with the alleged ₹2200 crore HPZ Token and related fraud case. This declaration was made on January 22, 2025, in accordance with the provisions of the Fugitive Economic Offenders Act (FEOA), 2018. The Enforcement Directorate (ED), Dimapur Sub Zonal Office, had previously filed an application for Arora to be declared a fugitive in the case, as stated in a press release by the ED.
According to the ED, Arora fled to Dubai after the agency initiated its investigation, based on an FIR filed by the Cyber Crime Police Station in Kohima. The ED also mentioned that Arora failed to comply with summons issued by the Special Court (PMLA), Dimapur, leading to the issuance of a Non-Bailable Warrant (NBW) against him in July 2024.
The accused, Bhupesh Arora, along with his associates, is alleged to have duped investors by promising astronomical returns on investments for the mining of Bitcoin and other cryptocurrencies. The fraudulent scheme involved an app-based token called the “HPZ Token.” The ED’s investigation revealed that the funds collected through these deceptive schemes were funneled into various shell companies and individuals, operating through fraudulent transactions.
The investigation also revealed that Bhupesh Arora and his close associates were the masterminds behind the fraudulent activities, which targeted vulnerable investors across India. Arora is accused of diverting the deposited funds to create layers of untraceable transactions, ultimately siphoning large amounts of money out of the country. The total proceeds of crime unearthed by the ED so far amount to approximately ₹2200 crore. Of this, ₹497.20 crore has been attached and frozen by the ED, with the possibility of this amount increasing as further investigations continue.
As part of its ongoing probe, the ED has attached nine immovable properties belonging to Bhupesh Arora in Delhi, valued at ₹2.05 crore. Additionally, the agency has frozen 286 bank and virtual accounts across 20 states in India, holding ₹459.79 crore. These accounts are spread across Delhi, Maharashtra, Rajasthan, Assam, Uttar Pradesh, Chhattisgarh, Madhya Pradesh, Odisha, and Telangana.
The ED also revealed that Arora had created over 200 companies, including private limited firms, often in his own name or in the names of his relatives and close associates, to launder money and create an untraceable financial network. The investigation is ongoing, with the ED working to identify more such companies and bank accounts used by Arora and his associates.
