{"id":1286847,"date":"2024-10-31T10:10:16","date_gmt":"2024-10-31T04:40:16","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1286847"},"modified":"2024-10-31T10:13:41","modified_gmt":"2024-10-31T04:43:41","slug":"indians-lost-rs-1000-crore-in-hibox-app-scam-promoted-by-elvis-yadav-other-celebrities","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/indians-lost-rs-1000-crore-in-hibox-app-scam-promoted-by-elvis-yadav-other-celebrities\/","title":{"rendered":"Indians Lost Rs 1000 Crore In Hibox App Scam, Promoted by Elvis Yadav & Other Celebrities"},"content":{"rendered":"\n

In the latest Hibox app scam, many Indians are believed to have lost around Rs 1,000 crore. People invested in the app on the lure of high returns on investments.<\/p>\n\n\n\n

\"Indians<\/figure>\n\n\n\n

Investigation Launched into Hibox App Scam Promoted by Influencers Amid Growing Complaints<\/strong><\/p>\n\n\n\n

Heavily promoted by various social media influencers as well as YouTubers, the promoters of this app<\/a> have been caught in troubled waters and have been called in for questioning by investigators.<\/p>\n\n\n\n

The case is with the Intelligence Fusion and Strategic Operations (IFSO) unit of the Delhi Police and the unit is examining the involvement of digital payment platforms like PhonePe and Easebuzz, which facilitated merchant accounts for the alleged fraudsters.<\/p>\n\n\n\n

It was under the promise of substantial returns that the potential victims were lured to invest in the app. The numerous complaints have been consolidated into FIRs across all police districts in Delhi. Initially the investors were given their promised pay-outs, which encouraged others to join as well, but with time, the returns ceased and the perpetrators vanished into thin air.<\/p>\n\n\n\n

Hibox App Scam Exposes \u20b91,000 Crore Fraud Scheme Promoted by Influencers<\/strong><\/p>\n\n\n\n

Throwing light on the scam, DCP Hemant Tiwari stated that as many as 30,000 people were drawn in by the assurances of daily returns ranging from 1% to 5%, which translated to monthly gains of 30% to 90%.<\/p>\n\n\n\n

It was on the August 16; the fraud came to light when the police received complaints from 29 individuals claiming they were misled by the app’s influencer endorsements.<\/p>\n\n\n\n

It was upon investigation that a FIR was registered on August 20, leading to discovery of similar complaints from various districts, a total of 488 reports linked to the same fraudulent strategy on the National Cybercrime Reporting Portal.<\/p>\n\n\n\n

It was revealed that payment gateways like Easebuzz and PhonePe were used to funnel the money.<\/p>\n\n\n\n

Four accounts linked to Sutrulla Xpress Private Limited, run by an individual named J Sivaram, were identified as receiving Rs 18 crore from the victims. A look-out circular has been issued for the Hibox directors, who are currently abroad, and the investigation into the roles of Easebuzz and PhonePe employees is ongoing. Several influencers are also being called to participate in the inquiry.<\/p>\n\n\n\n

Image Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In the latest Hibox app scam, many Indians are believed to have lost around Rs 1,000 crore. People invested in the app on the lure of high returns on investments. Investigation Launched into Hibox App Scam Promoted by Influencers Amid Growing Complaints Heavily promoted by various social media influencers as well as YouTubers, the promoters […]<\/p>\n","protected":false},"author":26,"featured_media":1286876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[6401],"class_list":["post-1286847","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-hibox-scam"],"acf":[],"yoast_head":"\nIndians Lost Rs 1000 Crore In Hibox App Scam, Promoted by Elvis Yadav & Other Celebrities - Trak.in - Indian Business of Tech, Mobile & Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/indians-lost-rs-1000-crore-in-hibox-app-scam-promoted-by-elvis-yadav-other-celebrities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indians Lost Rs 1000 Crore In Hibox App Scam, Promoted by Elvis Yadav & Other Celebrities - Trak.in - Indian Business of Tech, Mobile & Startups\" \/>\n<meta property=\"og:description\" content=\"In the latest Hibox app scam, many Indians are believed to have lost around Rs 1,000 crore. 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