# ED arrests two in 40 crore crypto fraud linked to celebrity promotions

> The Enforcement Directorate has arrested two key accused and raided 11 locations in a 40 crore cryptocurrency scam where investors were lured using Bollywood celebrity promotions.

**Type:** article · **Category:** India · **Published:** 2026-09-04 · **Source:** TrendKia
**Canonical:** https://trendkia.com/en/national/kripto-dhokhadhari-men-ed-ki-bari-karravai-bollywood-sitaron-ke-nama-para-thage-gae-40-karora-rupaye-aura-do-aropi-giraphtara-27859 · **Language:** English
**Tags:** crypto fraud, ED action, money laundering, Chennai news, cyber scam

In a major crackdown on a massive cryptocurrency investment scam worth around 40 crore rupees, the Enforcement Directorate has taken decisive legal action. Investigating the high-profile money laundering case, the agency executed simultaneous search operations across 11 locations spanning Chennai, Coimbatore, and Kolkata. Following these coordinated raids, two prime accused individuals, Imran Basha and Hitesh Kumar, were placed under arrest.

## Investigation triggered by Puducherry police
The Chennai Zonal Office-2 of the Enforcement Directorate initiated search operations under the Prevention of Money Laundering Act on September 1, 2026. The probe originated from an initial First Information Report registered by the Puducherry Cyber Crime Police, prompting the central agency to launch a comprehensive money laundering investigation. Initial findings revealed that Hitesh Kumar, Imran Basha, and Syed Usman alias Babu, along with other associates, had orchestrated a fraudulent investment scheme under the name Hapshe.

## The deceptive trading platform and TCX coin
Under the criminal conspiracy, victims were falsely persuaded that Hapshe functioned as a legitimate cryptocurrency trading platform where investments in a digital currency named TCX would yield exceptionally high returns. To attract a massive pool of unsuspecting investors, the conspirators deployed aggressive advertising campaigns. According to the agency, multiple promotional events were organized, and Bollywood celebrities were roped into the advertising campaigns to lend a false sense of legitimacy to the fraudulent operation.

## Social media marketing and artificial price inflation
Extensive marketing blitzes were also executed across various social media platforms to capture public attention. Investigators discovered that to continuously win the trust of investors, the market price of the Hapshe token was deliberately and artificially inflated. Seeing the climbing token values, participants believed their investments were multiplying rapidly, which drove numerous individuals to inject even larger sums of money into the scheme.

The fraudulent operation unraveled when investors attempted to withdraw their accumulated funds, at which point the platform abruptly blocked all withdrawal requests. The agency uncovered that funds collected from investors were systematically siphoned off through shell companies and transferred into bank accounts belonging to the accused individuals, their close associates, and family members.

## Extravagant lifestyles and subsequent arrests
An audit of the bank accounts indicated that approximately 40 crore rupees were amassed through this elaborate deception, which was subsequently laundered by rotating the money through multiple layered accounts. Investigations established that a substantial portion of the defrauded funds directly entered the personal accounts, business entities, and family-linked institutions of Imran Basha and Hitesh Kumar. The accused allegedly spent the ill-gotten wealth on luxurious lifestyles and acquiring fresh properties. Following the seizure of crucial documents and digital evidence during the raids, both suspects were arrested on September 3 and subsequently remanded to five days of agency custody by a special court.

## What this means for you
This massive cryptocurrency fraud serves as a stern warning for retail investors across the country to exercise extreme caution while allocating funds into digital asset platforms.

- **Across India:** Investors deploying capital into unregulated digital trading schemes face severe financial risks of losing their hard-earned savings entirely. The incident highlights the critical need to completely avoid investment schemes promising unrealistic overnight returns.
- **In Chennai, Coimbatore, and Kolkata:** Local investors and affected individuals caught in financial scams should immediately approach cyber crime cells or investigative authorities with their grievances. The ongoing legal actions indicate that local enforcement is actively cracking down on fraudulent investment entities operating within these regions.

## Questions & Answers

### 1. What is the total financial amount involved in this cryptocurrency fraud?
The scam involves a financial fraud amounting to approximately 40 crore rupees.

### 2. Which main accused individuals have been arrested by the Enforcement Directorate?
The agency has arrested Imran Basha and Hitesh Kumar in connection with the scam.

### 3. Where did this investigation originally stem from?
The case investigation originated from an FIR registered by the Puducherry Cyber Crime Police.

### 4. In which cities were the recent raids conducted by the agency?
The Enforcement Directorate conducted search operations across 11 locations in Chennai, Coimbatore, and Kolkata.

### 5. What legal custody was granted to the arrested accused by the court?
Both accused were presented before a special court and remanded to five days of agency custody.

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