In a massive fraud case linked to the HiBox mobile app, over 30,000 people were scammed out of their investments. Promised daily returns of 1-5%, victims were lured into investing after promotional endorsements from popular social media influencers and celebrities. The scam, which began in February 2024, has now escalated into a ₹500 crore case under police scrutiny.

Prominent Influencers Under Investigation

Celebrities like actor Rhea Chakraborty, comedian Bharti Singh, and YouTuber Elvish Yadav are currently being questioned. These personalities, along with other influencers, allegedly promoted the HiBox app, encouraging their followers to invest in the fraudulent scheme.

The investigation began after Delhi Police received over 500 complaints, with victims claiming they invested based on influencers’ promotional videos. The app paid promised returns until June, after which it began withholding payments, citing technical and legal issues.

How the HiBox Scam Worked

The app, launched in February 2024, convinced investors with guarantees of up to 90% monthly returns. However, by mid-2024, payments stopped, and the company cited various reasons like technical glitches, GST issues, and legal problems. Sivaram, the main accused and a resident of Chennai, has been arrested.

Payment Platforms Under Scrutiny

In addition to the influencers, police are also investigating payment platforms like Easebuzz and PhonePe. Authorities claim these platforms failed to follow RBI guidelines in facilitating the transactions. Easebuzz has stated that it blocked the HiBox merchant in July 2024 and filed a Suspicious Transaction Report (STR) with the Financial Intelligence Unit (FIU).

The investigation continues, with more influencers and financial institutions being probed.