- ED arrests two accused in connection with the alleged ₹146 crore HashPe crypto fraud.
- The scheme used TCX, high-return promises, referral commissions, social media promotion, etc.
- The case highlights why investors should verify a crypto project’s team and return claims.
The HashPe crypto case has taken another significant turn as the Enforcement Directorate arrested two more accused in connection with the alleged ₹146 crore investment fraud. The scheme reportedly promised big returns, creating trust among investors via the image of a legitimate crypto platform.
Two More Arrested in the HashPe Crypto Case
The latest report from Times of India revealed that the Enforcement Directorate (ED) arrested two more accused in the HashPe crypto case. Both of them, Syed Usman and Dhamodharan Balachandran, have been absconding in connection with the ₹146 crore investment fraud, which lured investors with promises of high returns through a crypto trading platform. The ED stated, “Syed Usman handled cash and bank transfers, while Dhamodharan managed the HashPe software and wallet functions.”
The investigation identified that the accused collected funds from investors through bank transfers, crypto, and cash. The accused moved these funds later through multiple bank accounts and crypto wallets. They then used the money to purchase properties, cars, and other assets. In addition, the stolen amounts were also used to fund events and celebrity appearances.
Significantly, the agency carried out searches at 11 locations across Chennai, Coimbatore, and Kolkata on September 1, 2026. Two other accused, Imran Basha and Hitesh Kumar, are already in judicial custody.
The investigation into the HashPe crypto case is still going on, and more details about the money trail could emerge in the coming days. The ED will continue tracing the funds moved through multiple channels.
How the HashPe Scheme Lured Investors
Notably, HashPe was introduced as a legitimate crypto trading platform that gives high returns to investors. The scheme used promotions and public events to make it appear more credible to people.
One of the key attractions of the HashPe crypto project was the asset called TCX. The scheme promoted the cryptocurrency and encouraged investors to put money into the platform. They also used referral commissions, social media promotions, and large events to attract new investors.
Beyond online promotions, HashPe organized several offline events. They held a launch event and a ceremony where cars were awarded. The presence of Bollywood celebrities made the shows even more attractive. Another part of the promotion strategy was a cruise event in Mumbai.
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It is worth noting that the HashPe crypto case is not simply another major investment fraud scheme in India. For Indian investors, it is a fresh lesson. It teaches why investors should look beyond promotions and hype when putting money into a new project. Even if the platform looks professional, investors should remain cautious, especially when it offers large returns.
First of all, investors should understand what the project actually is. They should also be aware of who runs the platform and how it generates the returns. They should be able to verify the reality behind what the team claims. When a project heavily relies on referral rewards or promotions, the platform should be viewed with caution.
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