Scam Defrauds 30,000 Investors Through Hibox App Promising Unrealistic Returns
The cyber crime unit of Delhi Police has uncovered a massive fraud involving payment platforms like PhonePe and Easebuzz, where nearly 30,000 investors were scammed via a mobile app called Hibox. According to Business Standard, the app lured individuals with promises of daily returns ranging from 1 to 5 percent, equating to an astronomical 30 to 150 percent monthly return.
The Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police stated that the fraud operated from February to June 2024, during which investors received their promised returns. However, starting July, the app stopped payments, citing technical and legal issues.
Hemant Tiwari, Deputy Commissioner of Police (IFSO), noted that PhonePe and other similar platforms failed to comply with Reserve Bank of India guidelines, further complicating the case. Over 20 companies are now under investigation for their roles in laundering the defrauded funds.
In addition to these firms, the police have also issued notices to social media influencers like Abhishek Malhan, Elvish Yadav, Lakshay Choudhary, and Purav Jha, who promoted the Hibox app.
Police have so far arrested the alleged mastermind, Sivaram, and seized ₹18 crore from four different accounts linked to him. Despite these efforts, the companies involved have disappeared after shutting down their Noida offices. Investigations are ongoing to trace the remaining suspects.
