ED attaches ₹14.16 crore in Hashpe crypto fraud case

This is a press release from the Directorate of Enforcement (ED) announcing the filing of a prosecution complaint and the attachment of assets worth approximately Rs. 14.16 Crore against M/s Pan India Crypto Currency (Hashpe) for operating a fraudulent investment scheme. It matters to citizens as it details a specific financial fraud involving promised high returns and the legal actions taken against the promoters.

Who it concerns: The document concerns M/s Pan India Crypto Currency (Hashpe), its promoters (Imran Basha, Hitesh Kumar, Syed Usman alias Babu, and Dhamodharan), other associates, and the public investors who participated in the scheme. The issuing authority is the Directorate of Enforcement (ED), Chennai Zonal Office-II.

What the ED says it did

• ED filed a Prosecution Complaint before Special Court PMLA, Puducherry on 30.10.2026.
• ED provisionally attached movable and immovable properties/assets valued at approximately Rs. 14.16 Crore, including properties in Tamil Nadu, Haryana, and New Delhi, a BMW car, and bank balances.
• The investigation was initiated based on an FIR by Cyber Crime Police Station, Puducherry, under the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000.
• Hashpe operated via the website 'hashpe.io' and a multi-level marketing network, promising daily returns of 1%, up to three times the investment, and rewards like luxury cars and foreign tours.
• Investors were induced to invest via cash, bank transfers, and crypto assets; the platform offered fictitious coins (TCX and Hashpe) and displayed profits without genuine trading activity.
• Funds from new investors were used to pay earlier investors and commissions to agents ('Leaders'); withdrawals were later blocked and the platform disabled.
• Approximately Rs. 112.91 Crore was mobilized through the scheme, with a portion paid back to investors.
• Remaining funds were routed through M/s HIFY Circle, associated entities, and crypto wallets, and diverted to personal expenses, loan repayments, commissions, promotional events, and asset acquisition.
• Proceeds of Crime identified amount to approximately Rs. 49.54 Crore.
• ED conducted searches on 01.09.2026 and arrested Imran Basha, Hitesh Kumar, Syed Usman alias Babu, and Dhamodharan under Section 19 of the PMLA, 2002; all four are in judicial custody.

Also in the document

• The scheme involved the use of fictitious cryptocurrency coins named TCX and Hashpe.
• The promoters used a multi-level marketing network to recruit investors.
• The case is being prosecuted under the Prevention of Money Laundering Act (PMLA), 2002.