The Enforcement Directorate (ED) has questioned actress Tamannaah Bhatia in connection with a money laundering investigation linked to the ‘HPZ Token’ mobile app scam.
The HPZ Token scam is one of the most notorious cryptocurrency frauds in recent years, and it has allegedly defrauded numerous investors under the guise of lucrative cryptocurrency mining opportunities.
Tamannaah Bhatia, known for her work in Telugu, Tamil, and Hindi cinema, appeared before the ED in Guwahati, where her statement was recorded under the Prevention of Money Laundering Act (PMLA).
According to sources, Ms. Bhatia was not named as an accused but was summoned due to her association with an event organized by HPZ Token, for which she reportedly received an appearance fee. The ED’s interest lies in understanding the financial transactions related to this event, including the source of funds and the payment modalities.
The HPZ Token scam has been under scrutiny for its scheme, in which investors were promised astronomical returns on investments through Bitcoin and other cryptocurrency mining, a promise that turned out to be a facade for siphoning funds. The scam further involved creating a network of shell companies and dummy directors to launder money, with bank accounts and merchant IDs established to facilitate these transactions.
The ED’s investigation has led to the seizure of assets worth approximately Rs 497.20 crore, showing the scale of the financial irregularities involved.
The case has highlighted the risks associated with cryptocurrency investments and the need for stringent regulatory oversight in this burgeoning sector.