In a significant development, the Delhi Police has summoned YouTuber Elvish Yadav and comedian Bharti Singh, along with three other individuals, in connection with a massive app-based investment scam worth Rs 500 crore. The scam, which involved the HIBOX mobile application, has been under investigation by the Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police.
The main accused in the scam, identified as Sivaram, a 30-year-old resident of Chennai, has been arrested. Sivaram is alleged to be the mastermind behind the HIBOX app, which was launched in February 2024 and promised investors guaranteed returns of 1 to 5 percent daily, amounting to 30 to 90 percent monthly returns.
According to the police, over 30,000 people invested in the HIBOX app, with initial investors receiving high returns. However, from July 2024, the app began withholding payments, citing technical glitches, legal issues, and GST problems. The companies associated with the app subsequently disappeared after closing their office in Noida, Uttar Pradesh.
The police have received over 500 complaints from various districts, including the northeast district, outer district, Shahdara, and the NCRP portal. An FIR was registered against the accused under various sections of the Indian Penal Code and the Information Technology Act on August 20, 2024.
Several social media influencers and YouTubers, including Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat, are accused of promoting the HIBOX app and luring people into investing through it. The police are investigating the roles of these influencers and the amount they were paid for endorsing the app.
The investigation has also revealed that payment gateways such as EASEBUZZ and PhonePe were involved in the fraud. These gateways allegedly opened merchant accounts for the fraudsters without proper verification, bypassing the norms set by the Reserve Bank of India (RBI). The involvement of employees from these payment gateways is also under scrutiny.
Deputy Commissioner of Police (IFSO Special Cell) Hemant Tiwari stated that the police have seized Rs 18 crore from Sivaram's four different bank accounts. The police are continuing their investigation and have clubbed 127 complaints so far, with more expected to be added.
This case highlights the growing issue of investment fraud and the role of social media influencers in such scams. The Delhi Police's actions aim to bring those responsible to justice and to protect potential victims from falling prey to similar scams in the future.
