India, Jan. 22 -- Five layers of diversions - including mule bank accounts, shell firms and dummy directors - were used to launder around Rs.2,200-crore raised from the public via the 'HPZ Token' mobile app and website, the Enforcement Directorate (ED) has found. The proceeds of crime in the case is estimated at Rs.2,200 crore.

Investors in HPZ Token were promised returns of Rs.4,000 per day for three months in lieu of an investment of Rs.57,000, and the funds thus raised from different parts of the country were diverted to various shell firms, ED officials said.

The ED's probe traced the proceeds of crime from the point of collection from victims ('investors') to the alleged key accused in the HPZ Token scam, including a man identified...