October 7, 2024
New Delhi, India
HiBox App Scam
Delhi Police have summoned several high-profile celebrities, including actor Rhea Chakraborty, comedian Bharti Singh, and YouTuber Elvish Yadav, as part of an ongoing investigation into the Rs 500 crore HiBox app scam. The app, launched in February 2024, is alleged to have defrauded over 30,000 investors by promising exorbitant daily returns ranging from 1% to 5%, with payouts halting in July 2024.
Investigation Details
The Delhi Police initiated the investigation after receiving over 500 complaints from individuals who claimed they were influenced by online promotions featuring their favorite social media personalities. Hemant Tiwari, Deputy Commissioner of Police (IFSO Special Cell), described the scam as “well-organized” and noted that the HiBox app initially gained credibility by fulfilling its promises until June 2024. The scam’s mastermind, 30-year-old Sivaram from Chennai, has already been arrested, and Rs 18 crores have been seized from linked bank accounts.
Social Media Influencers Under Scrutiny
Authorities are also questioning several social media influencers, including Saurav Joshi, Abhishek Malhan, Purav Jha, Harsh Limbachiya, and others, for their role in promoting the fraudulent app. The involvement of these public figures has raised concerns about the ethical responsibility of influencers when endorsing financial products.
Payment Platforms in Question
The investigation also revealed that payment platforms involved in facilitating transactions for HiBox, such as Easebuzz and PhonePe, failed to comply with the guidelines set by the Reserve Bank of India (RBI). Easebuzz, however, claims to have blocked the merchant associated with HiBox in July 2024 and filed a Suspicious Transaction Report (STR) under FIU reporting norms.
The Need for Influencer Responsibility
As the investigation continues, the involvement of major personalities like Rhea Chakraborty and Elvish Yadav in promoting financial schemes has sparked a broader conversation on the responsibility of influencers. The case underscores the need for greater transparency and due diligence in endorsements, particularly in financial matters, to protect consumers from such scams.
Disclaimer:
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