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ED arrests two in ₹40-crore HashPe cryptocurrency fraud

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activeCrypto / Investment FraudPan India

ED arrests two in ₹40-crore HashPe cryptocurrency fraud

The Directorate of Enforcement (ED), Chennai, initiated a money laundering investigation linked to a cryptocurrency fraud involving a platform called 'HashPe'. Authorities conducted searches across multiple premises in Chennai, Coimbatore, and Kolkata. According to investigators, the case originated from an FIR registered by the Cyber Crime Police in Puducherry against unidentified individuals.

State

Multiple States

First reported

September 2026

Agency involved

Directorate of Enforcement (ED) and Cyber Crime Police, Puducherry

Arrests

Two persons arrested

Charges or sections cited

Section 19 of the PMLA, 2002

Status

Two accused granted five days of custody by the Special Court, PMLA

The full story

Everything you need to know about this case, in one place.

Investigators alleged that the key individuals involved created a fake investment scheme under the HashPe name, falsely presenting it as a cryptocurrency trading platform. Members of the public were persuaded to invest money with promises of high returns through trading a purported cryptocurrency named 'TCX'. Promoters used lavish events, Bollywood celebrities, and social media campaigns to lure victims, while artificially inflating the token's value.

Reports stated that investors eventually found their withdrawals blocked. The collected funds, totaling approximately ₹40 crore, were allegedly diverted to shell entities, associates, and relatives. The proceeds were reportedly used to fund luxurious lifestyles and purchase immovable properties. The ED arrested two individuals in connection with the case and produced them before a special court.

Not yet reported: The articles do not mention the total number of individual victims affected or the final judicial outcome of the case.

Where the case stands

The latest position in the reports we read.

Two individuals have been arrested under the Prevention of Money Laundering Act and granted five days of custody by a special court following searches and seizure of digital evidence.

Who was affected

Described in general terms; we do not name victims.

Members of the public who were induced to invest their savings into the fraudulent scheme and subsequently lost both their principal funds and promised returns.

Timeline

Key dates as reported, oldest first.

September 1, 2026ED officers conducted searches on 11 premises in Chennai, Coimbatore, and Kolkata regarding the HashPe fraud.

September 3, 2026Two individuals were arrested under Section 19 of the PMLA, 2002, and subsequently produced before the Special Court, PMLA.

How the scam worked

The method described in the reports.

Promoters launched a fake investment scheme called 'HashPe' disguised as a cryptocurrency trading platform.
Investors were lured with false promises of lucrative returns through a purported cryptocurrency known as 'TCX'.
The accused organized lavish promotional events, engaged Bollywood celebrities, and ran extensive social media campaigns to attract victims.
The value of the HashPe token was artificially inflated to encourage further investments from the public.
Investor withdrawals were suddenly blocked, preventing victims from accessing their money.
The collected funds were funneled into bank accounts linked to shell entities, associates, and family members for money laundering.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

thehindu.comOriginal report The HinduOpens via Google News India’s ED Probes Crypto Transfers in ₹7 Crore Digital Arrest Case - The Crypto TimesThe Crypto Times · 1 Oct 2026

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