# India’s ED Attaches Rs. 14.16 crore in Hashpe Crypto Case

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/regulation/54836
Published: 2026-11-12T03:02:32.000Z
Updated: 2026-11-12T03:02:32.000Z
Section: Regulation

> The ED says Hashpe promised 1% daily returns, offered fictitious coins and used new investors’ funds to pay earlier participants.

India’s Enforcement Directorate (ED) announced Nov. 3 that it had filed a prosecution complaint in the Pan India Crypto Currency, or Hashpe, case and provisionally attached assets valued at about Rs. 14.16 crore.

The attachment was made Oct. 30 under the Prevention of Money Laundering Act (PMLA). It covers properties in Tamil Nadu, Haryana and New Delhi, along with a BMW car and bank balances.

The ED alleges Hashpe’s promoters drew investors with promises of 1% daily returns and payments of up to three times their investment. The pitch also included referral commissions and rewards such as luxury cars and foreign trips, the agency said.

The platform offered coins named TCX and Hashpe that the ED describes as fictitious, while showing profits without corresponding trading activity. The agency alleges money from new investors went to earlier participants and commissions for agents called “Leaders.” It said withdrawals were later blocked and the platform disabled, causing investor losses.

The ED put the amount collected through the scheme at about Rs. 112.91 crore. It said some funds were returned to investors and identified about Rs. 49.54 crore as proceeds of crime.

Four accused — Imran Basha, Hitesh Kumar, Syed Usman, also known as Babu, and Dhamodharan Balachandran — have been arrested under the PMLA and remain in judicial custody. The investigation is continuing, the agency said.