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Hyd-delhi Cos link exposes Chinese cryptocurrency scam | Hyderabad News

HYDERABAD: A dubious Chinese cryptocurrency fraud link involving Hyderabad and Delhi-based briefcase companies has come to light in a TOI investigation.
The companies used the name of famous American crypto expert Balaji Srinivasan and launched “HPZ Token”, a cryptocurrency, to dupe thousands of people across the country by collecting millions of rupees.

Field investigations revealed that a fictitious company, Abhayahasta Information Services, which has no office at the registered address, received a whopping amount of Rs 42 crore in fraudulent money in its account.
The scammers collected money from thousands of people by claiming that their money would be used to mine the HPZ token.
Delhi-based Lillian Technocab Private Limited and Shigoo Technology Private Ltd are alleged to have collected deposits from investors on behalf of HPZ Token.
After collecting the money, the website, www.hpztoken.com, and the app were shut down. TOI used Wayback Machine (a digital archive from the World Wide Web) and retrieved HPZ Token pages that used Srinivasan’s name and photograph and asked people to invest money. The HPZ Token website also falsely claimed to be associated with US bitcoin mining company 21 Inc.
When gullible depositors started tagging Srinivasan in August 2021 saying they had lost their money, he responded on Twitter claiming he had nothing to do with HPZ Token.
Investigations revealed that Lillian Technocab operated HPZ Token. Investigations also revealed that Abhayahastha was involved in a series of financial dealings with Lillian Technocab. 41.3 crores was debited and withdrawn from Lillian Technocab in which Abhayhastha was a major creditor. 49.5 crore was debited between April and November last year to Shigoo Technology’s account. Abhahastha had debited 1.2 crore from this account.
Abhayahasta appeared in December last year in an FIR filed against 12 companies linked to Adabala Srinivasa Rao as well as others who allegedly colluded with Chinese nationals and collected money on behalf of online investments .
When TOI visited the address of the Abhayahasta Foundation in Padmaraonagar, it was found that there was no such company and that it was a dwelling house of Dharma Reddy. His wife said, “No such business exists here.” Ministry of Corporate Affairs records show that Ajay Babu Kakarala and Veerabattula Sirisha are company directors. Interestingly, the company’s email id – [email protected] – is connected to China-related companies that are in the dock. When verified online, Lillian Technocab still runs an online rummy website.
Mithilesh from Setyourbiz said, “I received a query from Gujarat Cybercrime Cell.” It was revealed that companies based in Delhi and Gurugram were formed with the help of company secretary Rajni Kohli.