Delhi police have arrested the main accused in the HiBox investment scam, a large-scale fraud that duped over 30,000 people. The Intelligence Fusion and Strategic Operations Unit (IFSO) apprehended a 30-year-old Chennai resident in connection with the Rs 500 crore stock trading app scam. The investment app HIBOX was launched in February 2024.
Police have seized Rs 18 crore from Sivaram’s bank accounts. An FIR was registered against the accused under the Indian Penal Code and the Information Technology Act.
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What is HIBOX stock trading app scam
The HIBOX app promised guaranteed returns of 1-5% daily, amounting to 30 to 90 per cent monthly returns. While initial payments were made, the app later withheld funds citing various issues. The investigation revealed that the app operated through a well-planned scam, promising exorbitant returns. The entire amount of victims was deposited in four accounts of a company registered in the name of the accused who was also the Director of the company.
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The accused companies disappeared after closing their office in Noida. According to the police, the accused was one of the main conspirators and registrant of the company, as well as the owner of the payment gateways and the four bank accounts used for the receiving of the investment amounts.
Police are also probing the involvement of payment gateways EASEBUZZ and PhonePe, which allegedly opened merchant accounts for the fraudsters without proper verification.
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YouTubers Elvish Yadav, Bharti Singh and 3 others summoned by Delhi Police
Delhi Police has summoned YouTuber Elvish Yadav, comedian Bharti Singh, and three others in connection with the app-based scam. Over 500 complaints have been filed against the influencers for promoting the HIBOX mobile application and enticing people to invest.
As per the complaint, 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 promoted the app and lured people into investing through HIBOX.
