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Events / Geopolitical / CBI Charges Chinese Nationals in HPZ...
International cybercrime charges

CBI Charges Chinese Nationals in HPZ Token Fraud

Analysis based on 6 articles · First reported Dec 10, 2025 · Last updated Dec 10, 2025

Sentiment
-70
Attention
4
Articles
6
Market Impact
General
Live prominence charts, article sentiment distribution, and event development timeline available on the Ergen Dashboard
Market Impact

The exposure of the HPZ Token Investment Fraud, involving over ₹1,000 crore siphoned from Indian citizens, negatively impacts investor confidence in digital investment platforms and highlights the risks associated with unregulated cryptocurrency schemes. It also underscores the vulnerability of nascent payment aggregation systems in India to sophisticated cybercrime syndicates, potentially leading to increased regulatory scrutiny in the financial technology sector.

Financial services Technology Law enforcement
Event Summary

The United States — Federal Bureau of Investigation (United States — Federal Bureau of Investigation) has filed a comprehensive charge sheet against 30 entities, including two Chinese nationals, Wan-chun and Li Anming, and three companies, in the HPZ Token Investment Fraud case. This cybercrime syndicate allegedly siphoned off over ₹1,000 crore from Indian citizens during and after the COVID-19 lockdown. The fraud was orchestrated through a fake mobile application, 'HPZ Tokens', launched by Shigoo Technology Private Limited, which falsely promised high returns from cryptocurrency mining. Wan-chun, identified as a mastermind and director of Jilian Consultants India Private Limited (a subsidiary of BBA Consultants), played a pivotal role in establishing numerous shell companies, including Shigoo Technology Private Limited, with the help of Dortse. These shell companies acted as conduits to collect and launder the proceeds of various organized cyber frauds, moving over ₹1,000 crore within months. The investigation also revealed the sophisticated misuse of payment aggregators in India to rapidly move and launder funds, with collected money eventually converted into Tether (cryptocurrency) and transferred out of India. Wan-chun and Li Anming are currently fugitives, having operated the scheme remotely from abroad after setting up initial infrastructure in India. The United States — Federal Bureau of Investigation initially arrested six individuals involved in local operations and continues its investigation to track down remaining suspects.

Entities Involved
per
Wan-chun
Wan-chun is identified as a key mastermind and director of Jilian Consultants India Private Limited, a subsidiary of BBA Consultants. She is accused of setting up shell companies, including Shigoo Technology Private Limited, to facilitate the HPZ Token Investment Fraud and launder over ₹1,000 crore. She is currently a fugitive.
Importance 95.0 Sentiment -100.0
priv
Shigoo Technology Private Limited
Shigoo Technology Private Limited, owned and controlled by Chinese nationals, is accused of cheating the public through the fake 'HPZ Tokens' mobile application, claiming investments in cryptocurrency mining would yield high returns. It was a key conduit for siphoning off funds.
Importance 85.0 Sentiment -90.0
per
Li Anming
Li Anming is one of the two Chinese nationals charged as a mastermind in the HPZ Token Investment Fraud case. He allegedly came to India to set up the company and infrastructure before operating remotely from abroad and is currently a fugitive.
Importance 80.0 Sentiment -100.0
priv
Jilian Consultants India Private Limited
Jilian Consultants India Private Limited, a subsidiary of BBA Consultants, was directed by Wan-chun and played a crucial role in creating several shell companies, including Shigoo Technology Private Limited, which were used to collect and launder proceeds from cyber frauds.
Importance 70.0 Sentiment -80.0
priv
BBA Consultants
BBA Consultants is the Chinese parent entity of Jilian Consultants India Private Limited. Its umbrella was used to set up shell companies that became conduits for collecting and laundering over ₹1,000 crore from organized cyber frauds.
Importance 60.0 Sentiment -80.0
oth
Dortse
Dortse was one of the six individuals arrested by the United States — Federal Bureau of Investigation for local operations and assisted Wan-chun in creating several shell companies, including Shigoo Technology Private Limited.
Importance 50.0 Sentiment -70.0
crypto
Tether (cryptocurrency)
The HPZ Tokens app falsely claimed to invest user funds in cryptocurrency mining. Collected funds were converted into Tether (cryptocurrency) before being sent out of India, highlighting its use in money laundering.
Importance 40.0 Sentiment -10.0
govactor
United States — Federal Bureau of Investigation
Importance 0.0 Sentiment 0.0
cnt
India
Importance 0.0 Sentiment 0.0
Relationships
Tether (cryptocurrency) related ↔ India
United States — Federal Bureau of Investigation related ↔ India
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