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The HIBOX app scam is a case of investment fraud worth Rs 500 crore. The scam involved several social media influencers and YouTubers promoting the app and enticing people to invest, promising high returns.
The key figures involved in the scam include YouTubers Elvish Yadav and Bharti Singh, along with other influencers like Saurav Joshi, Abhishek Malhan, Purav Jha, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat.
The scammers operated by promising investors guaranteed returns of 1 to 5 percent per day, which could amount to 30 to 90 percent monthly. The app was launched in February 2024 and initially delivered high returns, encouraging more people to invest.
From July onwards, the app began withholding payments due to various issues such as technical glitches, legal troubles, and GST complications. This led to widespread complaints from investors who were unable to receive their returns.
The main accused in the scam is Sivaram, a 30-year-old resident of Chennai. He was arrested by the police and Rs 18 crore was seized from his four bank accounts.
Yes, payment gateways like EASEBUZZ and PhonePe are under investigation for their potential role in the scam. The police suspect that these companies might have bypassed proper verification procedures and ignored Reserve Bank of India guidelines while setting up merchant accounts for the HIBOX operators.
The total amount lost in the scam is estimated to be Rs 500 crore. Over 30,000 people invested in the app, and many of them have filed complaints alleging that they were duped by the promises of high returns.