ED files complaint in Rs 112.91 crore Hashpe (hashpe.io) crypto Ponzi case, attaches Rs 14.16 crore
IANS reported on 3 November 2026 that India's ED filed a prosecution complaint over the alleged Rs 112.91 crore Hashpe (hashpe.io) crypto scheme and attached Rs 14.16 crore of assets. The ED's findings are allegations.
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Source: thehawk.in · published
What happened
IANS, in a report published by The Hawk on 3 November 2026, said India's Enforcement Directorate (ED) has filed a prosecution complaint before the Special Prevention of Money Laundering Act (PMLA) Court in Puducherry over an alleged cryptocurrency investment fraud involving M/s Pan India Crypto Currency, known as Hashpe. The ED provisionally attached assets worth Rs 14.16 crore. The attached assets include immovable properties in Tamil Nadu, Haryana and New Delhi, BMW cars and balances in bank accounts, according to a statement by the ED's Chennai Zonal Office-II. All the findings below are allegations by the ED.
How the scam works
The ED says its investigation found a fraudulent scheme that collected about Rs 112.91 crore from investors by promising unusually high returns, luxury cars, foreign tours and generous referral commissions. It says the scheme operated through the website hashpe.io and a multi-level marketing network run by four named promoters and their associates, whom this entry does not name. Investors were reportedly promised daily returns of one per cent and potential earnings of up to three times their investment, and were encouraged to invest through cash, bank transfers and cryptocurrency.
According to the ED, the platform offered fictitious tokens, including TCX and Hashpe, and displayed profits without any genuine trading. It says money from new investors was used to pay earlier investors and commissions to agents called “Leaders”, which it describes as Ponzi-type. The scheme is alleged to have collapsed after withdrawals were blocked and the platform was disabled, leaving many investors with substantial losses. Only part of the Rs 112.91 crore is said to have been returned to investors.
The agency says the remaining money passed through bank accounts of M/s HIFY Circle, associated people and entities, and crypto wallets, and that large amounts went on personal spending, loan repayments, commissions, promotion and buying assets. It has identified about Rs 49.54 crore as proceeds of crime. The investigation started from an FIR registered by the Cyber Crime Police Station in Puducherry under the Bharatiya Nyaya Sanhita and the Information Technology Act, and the ED searched premises linked to Hashpe and its promoters on 1 September 2026. A prosecution complaint is an allegation, and no court finding is reported.
Source
IANS via The Hawk, “ED files prosecution complaint in Puducherry cryptocurrency fraud case, attaches Rs 14.16 cr assets”, 3 November 2026, based on an ED statement.
Red flags
- Promises of one per cent daily returns and up to three times the investment, which are not credible.
- Luxury cars, foreign tours and referral commissions used to recruit new investors.
- A multi-level marketing network of agents called “Leaders” who earn from recruitment.
- Fictitious tokens such as TCX and Hashpe, with profits shown on screen but no genuine trading, as the ED alleges.
- Withdrawals blocked, followed by the platform being disabled.
If you were targeted
- 1Treat guaranteed daily returns and referral-commission schemes as a serious red flag.
- 2Check whether a crypto investment platform is registered with the relevant regulator before investing.
- 3Do not rely on a dashboard showing profits, which can be made up.
- 4Avoid paying in cash or through personal bank accounts for an online investment.
- 5If you invested in Hashpe, keep records and contact the ED or the Puducherry cyber crime police.