Rhea Chakraborty, Elvish Yadav, social media influencers questioned in Rs 500 crore HiBox scam
Launched in February 2024, the HiBox app quickly enticed over 30,000 investors with its promise of high returns. Until June, investors received the promised payouts, but soon after, the app began withholding payments, citing technical difficulties, GST problems, and legal issues.
New Delhi: In a massive ₹500 crore scam linked to the HiBox mobile app, actor Rhea Chakraborty, comedian Bharti Singh, and YouTuber Elvish Yadav are among the celebrities being questioned by investigators. The app, which promised lucrative returns on investments, reportedly deceived thousands of users. Multiple social media influencers have also been summoned as part of the ongoing investigation.
The HiBox Scam Unveiled
The investigation began after Delhi Police received over 500 complaints from individuals who claimed to have invested their money in HiBox after seeing promotional videos shared by their favorite social media personalities. These influencers, including Rhea Chakraborty and several popular YouTubers, are alleged to have promoted the app, which promised unrealistic returns of 1 to 5 percent daily, equating to up to 90 percent monthly.
Deputy Commissioner of Police (IFSO) Hemant Tiwari commented, "Through the application, the accused promised guaranteed returns of one to five percent daily, amounting to 30 to 90 percent in a month." Launched in February 2024, the HiBox app quickly enticed over 30,000 investors with its promise of high returns. Until June, investors received the promised payouts, but soon after, the app began withholding payments, citing technical difficulties, GST problems, and legal issues. The primary suspect in the scam, a Chennai resident named Sivaram, has already been arrested.
Prominent Influencers Under Scrutiny
According to complaints, well-known figures like YouTubers Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, and comedians Bharti Singh and Harsh Limbachiya, among others, promoted the app to their audiences. Authorities are also looking into the role of two payment platforms, Easebuzz and PhonePe, for failing to comply with Reserve Bank of India (RBI) guidelines. Easebuzz stated that it had blocked the merchant in question in July 2024, prior to the investigation, and reported suspicious transactions to the Financial Intelligence Unit (FIU). In a statement, Easebuzz said, "Easebuzz has filed the Suspicious Transaction Report (STR) under the Financial Intelligence Unit, India (FIU) reporting norms and has blocked the merchant from transacting as per our company compliance policies."
