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Rs 146cr HashPe crypto fraud case: ED arrests two…

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activeCrypto / Investment FraudTamil Nadu

Rs 146cr HashPe crypto fraud case: ED arrests two absconding Coimbatore men

The Enforcement Directorate (ED) arrested two men from Coimbatore who were previously absconding in connection with an alleged cryptocurrency fraud involving more than Rs 146 crore. The suspects were identified by investigators as Syed Usman alias Babu and Dhamodharan Balachandran. According to reports, the two individuals were produced before a special court for PMLA cases in Chennai and were remanded in judicial custody.

State

Tamil Nadu

First reported

September 2026

Agency involved

Enforcement Directorate (ED) and CB-CID Puducherry

Arrests

Four individuals arrested in total (including Syed Usman, Dhamodharan Balachandran, Hitesh Kumar, and Imran Basha)

Charges or sections cited

PMLA (Prevention of Money Laundering Act)

Status

Four accused have been arrested and remanded in judicial custody while the investigation continues.

The full story

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

Investigators stated that the accused and their associates lured individuals into investing in a digital currency known as TCX through a platform called HashPe, promising high financial returns. To gain the trust of investors, the perpetrators allegedly hosted a grand launch event featuring Bollywood celebrities and offered referral commissions. The operation reportedly collected Rs 146 crore in total, which included cash, bank transfers, and TCX coins.

According to the Enforcement Directorate, Syed Usman allegedly handled cash and bank transfers, while Dhamodharan managed the HashPe software and wallet functions. Investigators stated that the illegal proceeds were diverted into personal accounts belonging to the accused and their family members, and were subsequently used to purchase immovable properties and additional cryptocurrency. This probe follows an initial FIR registered by the CB-CID in Puducherry.

Not yet reported: The articles do not specify the total number of victims who invested in the fraudulent cryptocurrency scheme.

Where the case stands

The latest position in the reports we read.

Four individuals have been arrested by the Enforcement Directorate in connection with the scam and remanded in judicial custody as the investigation under the PMLA continues.

Who was affected

Described in general terms; we do not name victims.

Members of the public who were lured by promises of high investment returns through the HashPe platform.

Timeline

Key dates as reported, oldest first.

September 1The Enforcement Directorate arrested two suspects from Coimbatore following searches across multiple locations.

A TuesdayTwo additional absconding accused were arrested and produced before a special PMLA court in Chennai, where they were remanded in judicial custody.

How the scam worked

The method described in the reports.

The perpetrators floated a fraudulent investment scheme centered around a cryptocurrency named TCX, operated through a platform called HashPe.
To convince potential investors, the accused hosted a grand launch event that featured Bollywood celebrities and promised high returns along with referral commissions.
Investors were induced to hand over funds through multiple channels, including cash payments, direct bank transfers, and purchases of TCX coins.
The masterminds behind the platform diverted the collected funds into personal and family bank accounts, subsequently investing the money in immovable properties and crypto assets.

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Keep reading

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Sources and further reading

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

timesofindia.indiatimes.comOriginal report The Times of IndiaOpens via Google News

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