- ED filed a PMLA complaint and attached HashPe assets worth about ₹14.16 crore.
- The ED says HashPe mobilized approximately ₹112.91 crore from investors.
- ED identified ₹49.54 crore as proceeds of crime; four accused remain in custody.
The Enforcement Directorate (ED) has filed a prosecution complaint in the HashPe cryptocurrency case and provisionally attached assets valued at about ₹14.16 crore.
The agency said the assets include properties in Tamil Nadu, Haryana and New Delhi, a BMW car, and bank balances. The complaint was filed before the Special Court under the Prevention of Money Laundering Act (PMLA) in Puducherry on October 30, 2026.
The latest action follows an earlier report on arrests in the case, which described an alleged ₹146 crore investment fraud. In its current account, however, the ED said its investigation found that the scheme mobilized approximately ₹112.91 crore from investors.
What the ED Says the HashPe Scheme Promised
The case concerns M/s Pan India Crypto Currency, which operated through the HashPe website and a multi-level marketing network, according to the ED. The agency alleges that promoters Imran Basha, Hitesh Kumar and Syed Usman, also known as Babu, worked with Dhamodharan and other associates to solicit investments.
Investors were reportedly offered daily returns of 1%, returns of up to three times their investment, referral commissions, and rewards such as luxury cars and foreign trips. The platform displayed fictitious coins, including TCX and HashPe, and showed profits without genuine trading activity, the ED said.
According to the investigation, money from new investors was used to pay earlier participants and commissions to agents called “Leaders.” The agency alleges that withdrawals were later blocked and the platform disabled, leaving investors with losses.
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Funds Allegedly Moved Through Accounts and Crypto Wallets
The ED said part of the money was returned to investors. The remaining funds were allegedly routed through accounts linked to M/s HIFY Circle and other associated people and entities, as well as cryptocurrency wallets.
Investigators allege that the money went toward personal expenses, loan repayments, agent commissions, promotional events and asset purchases. The ₹14.16 crore attachment includes movable and immovable assets; it is separate from the ED’s estimate of ₹49.54 crore in proceeds of crime.
The case began after Puducherry Cyber Crime Police registered an FIR under the provisions of the Bharatiya Nyaya Sanhita and the Information Technology Act. The ED searched 11 premises linked to the company, its promoters and associates on September 1, 2026.
The ED said it arrested Basha, Kumar, Usman and Dhamodharan under Section 19 of the PMLA. All four are currently in judicial custody, according to the agency.
ED’s latest action advances the investigation into the alleged HashPe fraud, with four accused in judicial custody. The case will now proceed before the Special Court in Puducherry.
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Related: Inside India’s ₹146 Crore HashPe Crypto Case: What Indian Investors Should Know
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