Rhea Chakraborty, Elvish Yadav, Bharti Singh and others summoned in HiBox Rs 500 crore scam

Rhea Chakraborty, Elvish Yadav, Bharti Singh and others summoned in HiBox Rs 500 crore scam

The HiBox app, launched in February 2024, has come under scrutiny for allegedly scamming over 30,000 individuals out of significant investments. Notable personalities including actor Rhea Chakraborty, comedian Bharti Singh, and YouTuber Elvish Yadav are among those being questioned as part of the investigation into this fraudulent scheme. Authorities have also summoned several other social media influencers linked to the Rs 500 crore scam.

The Delhi Police initiated their investigation after receiving over 500 complaints from individuals who claimed they were lured into investing money in the app after viewing promotional content from their favorite online personalities.

Deputy Commissioner of Police (IFSO) Hemant Tiwari stated that the accused had promised investors guaranteed returns ranging from one to five percent daily, which translated to monthly returns of 30 to 90 percent.

The HiBox app initially gained traction by fulfilling its promises, paying investors until June 2024. However, it soon began withholding payments and citing various excuses, including technical glitches and GST-related issues. The primary accused in this scam, 30-year-old Sivaram from Chennai, has already been arrested by the police.

The involvement of social media influencers has raised significant concerns, as many, including Rhea Chakraborty, Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat, had promoted the app on their platforms.

The Deputy Commissioner emphasized that HiBox was part of a well-organized scam, prompting the authorities to scrutinize the role of payment platforms involved, specifically Easebuzz and PhonePe.

Police investigations revealed that these payment applications had not complied with the guidelines established by the Reserve Bank of India (RBI). In response, Easebuzz issued a statement asserting that they had proactively blocked the merchant linked to HiBox in July 2024, prior to the police investigation.

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They also mentioned filing a Suspicious Transaction Report (STR) under the Financial Intelligence Unit of India (FIU) reporting norms immediately upon receiving alerts from their internal transaction monitoring system.

As the investigation unfolds, the involvement of high-profile personalities has shed light on the pressing issue of influencer responsibility in promoting financial schemes, emphasizing the need for transparency and due diligence in endorsements.