India, Nov. 9 -- By Rajnish Singh

New Delhi [India] November 9 (ANI) The alleged Rs 112-crore cryptocurrency fraud linked to the Hashpe platform followed a familiar Ponzi scheme pattern - create tokens at virtually no cost, assign them fictitious valuations, attract investors with promises of extraordinary returns, use fresh investments to pay earlier participants and eventually divert a substantial portion of the funds into personal assets.

The investigation by the Enforcement Directorate (ED) has brought out the alleged lifecycle of the scheme, which began with the creation of fictitious cryptocurrency tokens and an aggressive promotional campaign before turning into a multi-level marketing operation that eventually collapsed when wit...