ED files prosecution complaint, attaches Rs 14.16 crore in Hashpe crypto scheme case
The Enforcement Directorate has filed a prosecution complaint and attached assets of Rs 14.16 crore in the Hashpe case, alleging a crypto investment scheme that promised 1% daily returns.
Key points
- The ED's Chennai office filed a prosecution complaint in a Puducherry PMLA court and attached assets of Rs 14.16 crore on 30 October 2026.
- The ED alleges Hashpe raised about Rs 112.91 crore from investors and puts the proceeds of crime at about Rs 49.54 crore.
- Four accused are in judicial custody; the ED's claims must be proved in court, and the attachment must be confirmed.
The Enforcement Directorate (ED) has filed a prosecution complaint before the Special PMLA Court in Puducherry and provisionally attached assets valued at about Rs 14.16 crore in the case of Pan India Crypto Currency (Hashpe), according to a press release dated 3 November 2026. The ED's Chennai Zonal Office-II took both steps on 30 October 2026 under the Prevention of Money Laundering Act (PMLA), 2002.
What Happened
The attached assets include immovable properties in Tamil Nadu, Haryana and New Delhi, a BMW car and bank balances. The ED's case is based on an FIR registered by the Cyber Crime Police Station, Puducherry, under the Bharatiya Nyaya Sanhita and the Information Technology Act.
According to the ED, Hashpe's promoters collected money from the public through the website hashpe.io and a multi-level marketing network, promising daily returns of 1%, returns of up to three times the investment, referral commissions and rewards such as luxury cars and foreign tours. The ED alleges that the platform offered fictitious coins, including TCX and Hashpe, showed profits without genuine trading, and used money from new investors to pay earlier investors and agents called "Leaders". Withdrawals were later blocked and the platform disabled, causing losses to investors, the ED said.
The ED alleges that about Rs 112.91 crore was raised, part of which was paid back, and that the rest was routed through accounts of HIFY Circle and others and through crypto wallets, then spent on personal expenses, loan repayments, commissions, events and assets. It puts the proceeds of crime at about Rs 49.54 crore. After searches on 1 September 2026, four accused were arrested under Section 19 of the PMLA and are in judicial custody.
What It Means
The provisional attachment must be confirmed by the PMLA Adjudicating Authority, and the court will now take up the prosecution complaint. Promises of fixed daily returns, multiplied investments and referral rewards are common warning signs. Anyone who has lost money to an online investment scheme can report it at https://cybercrime.gov.in or on helpline 1930.
These are allegations, not findings of guilt; the accused are presumed innocent until proven guilty in court, and due process continues.
This report describes enforcement actions and allegations on the public record, attributed to the officials cited. An order, FIR or chargesheet is not a conviction; parties are presumed innocent until proven guilty.
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Sources & Citations
- Enforcement Directorate press release — Enforcement Directorate