India’s Enforcement Directorate (ED) has arrested Syed Usman alias Babu and Dhamodharan Balachandran in its money-laundering investigation into the alleged Hashpe cryptocurrency fraud case, bringing total arrests to four. The arrests were made on September 22, 2026, under Section 19 of the Prevention of Money Laundering Act (PMLA), 2002, and a Special PMLA Court granted both men three days of judicial custody. The ED alleges that Hashpe was presented as a cryptocurrency trading platform and that investors were encouraged to buy purported TCX tokens in exchange for promised returns. Its investigation identifies about ₹16 crore in cash, approximately ₹10.52 crore credited to a Hify Circle bank account and roughly ₹120 crore represented by purported TCX tokens, or about ₹146 crore in total. The agency says Usman handled major cash investments and the Hify Circle account, while Balachandran developed and managed Hashpe’s software, database, wallet functions and cryptocurrency-related operations. The probe, which began with a Puducherry Cyber Crime Police Station FIR under the Bharatiya Nyaya Sanhita, 2023, and the Information Technology Act, 2000, is examining bank accounts, cryptocurrency wallets, property records and promotional activities. The allegations have not been established by a court, and the investigation remains ongoing.