Delhi Police’s Special Cell is actively investigating the Hibox app fraud case, a scam involving ₹500 crore, in which popular YouTubers and influencers like Elvish Yadav, Bharti Singh, and Abhishek Malhan are now under the scanner. The IFSO unit of the Special Cell has already arrested the main accused, J. Shivram, for duping around 30,000 people through the fraudulent app.
Hibox App Fraud: How it Unfolded
The Hibox app lured investors by promising guaranteed returns of 1% to 5% daily. With over 151 complaints lodged, it became evident that the scam had grown to enormous proportions. J. Shivram, the mastermind behind the app, convinced users to deposit money with the promise of lucrative returns, siphoning off funds to his accounts. During the investigation, ₹18 crore was found in four bank accounts linked to the scam, and these accounts have been frozen by authorities.
Role of YouTubers and Social Media Influencers
What has raised more attention is the involvement of social media influencers and YouTubers who promoted the Hibox app, encouraging their large fanbases to invest. Among those identified in the promotion of the app are popular names such as Saurav Joshi, Elvish Yadav, Abhishek Malhan (Fukra Insaan), Lakshay Chaudhary, and comedian Bharti Singh. Their influence helped boost the popularity of the app, but now they find themselves facing legal trouble.
How Was the Fraud Operated?
The investigation revealed that the scam operated through the Easebuzz and PhonePe platforms, which were used to transfer investors’ funds without adequate verification, violating RBI regulations. The fraudulent activities took place through merchant accounts opened virtually without following proper checks.
The accused was caught through technical surveillance, leading to the arrest of J. Shivram. The investigation also exposed that over ₹18 crore was circulated via these virtual accounts, which were linked to the Hibox scam.
Summons Issued to Influencers and Further Investigation
The Delhi Police Special Cell has issued summons to YouTubers including Abhishek Malhan, Elvish Yadav, Lakshay Chaudhary, and Purav Jha for questioning. They are suspected of having played a role in promoting the fraudulent app. Comedians Bharti Singh and Rhea Chakraborty are also expected to be summoned for questioning regarding their involvement. The Enforcement Directorate (ED) is likely to be called in to investigate the money laundering aspect of the case.
This scam highlights the rising concern over the misuse of social media platforms and the role of influencers in promoting potentially fraudulent activities to unsuspecting followers.
