Bhupesh Arora Declared Fugitive in ₹2,200 Crore Scam

In a significant legal development, a Dimapur court has declared Bhupesh Arora, the mastermind behind the ₹2,200 crore cryptocurrency scam known as the HPZ Token, a ‘fugitive economic offender’ under the Fugitive Economic Offenders Act, 2018 (FEOA). The order, passed by Justice N Longshithung Ezung, permits the Enforcement Directorate (ED) to confiscate Bhupesh Arora properties in India and potentially abroad, depending on international cooperation agreements.

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Court’s Order Sends Strong Message Against Financial Crimes

The Fugitive Economic Offenders Act, 2018, targets individuals who evade prosecution by fleeing the country and are involved in financial crimes exceeding ₹100 crore. Bhupesh Arora, the alleged mastermind behind the ₹2,200 crore HPZ Token scam, reportedly fled to Dubai after defrauding thousands of investors with promises of high cryptocurrency returns. A Dimapur court recently declared him a fugitive economic offender, empowering the Enforcement Directorate (ED) to seize his assets. This ruling not only facilitates asset confiscation but also serves as a strong warning against financial crimes, reinforcing accountability and deterring others from engaging in similar fraudulent activities.

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HPZ Token Scam Uncovered in Nagaland and Assam

The ₹2,200 crore HPZ Token scam, masterminded by Bhupesh Arora, targeted victims primarily in Nagaland and Assam with promises of high cryptocurrency returns. The scam was uncovered following an FIR by Nagaland police, leading to an ED investigation in 2022. Further probes by Assam police and CBI revealed over 140 shell companies and 200 bank accounts across 20 states used to launder funds. With Arora fleeing to Dubai, a Dimapur court declared him a fugitive economic offender under the FEOA, empowering authorities to confiscate his assets. Efforts to recover the stolen funds and hold those responsible are ongoing.

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