Social Media Stars in Mega Rs 500 Crore HIBOX Scam Swindle

Delhi Police have summoned several YouTubers and influencers, including Elvish Yadav and Bharti Singh, for their roles in promoting the fraudulent HIBOX app. With over 500 complaints and a Rs 500 crore scam, the investigation has led to arrests and seized funds, highlighting the app's deceptive guarantees and eventual shutdown.

Delhi Police have taken action against social media influencers such as Elvish Yadav and Bharti Singh in connection with a Rs 500 crore scam involving the HIBOX mobile app. The police were alerted by over 500 complaints indicating that the app lured people into fake investment promises.

The primary suspect, Chennai resident Sivaram, is in custody after allegedly orchestrating a scheme that falsely promised daily returns to investors. These promises claimed returns ranging from one to five per cent daily, escalating to 30 to 90 per cent monthly, since the app's launch in February 2024. Initial investors received high returns, but payouts ceased in July.

Authorities have seized Rs 18 crore from Sivaram's accounts. The ongoing investigation has revealed the potential involvement of payment platforms and other suspects. Multiple complaints continue to surface as the scale of the fraud becomes clearer.

(With inputs from agencies.)