In a stunning development that has sent shockwaves through the digital community, popular YouTuber Elvish Yadav has been summoned for questioning regarding his alleged involvement in the HIBOX APP fraud case, which has reportedly defrauded investors of a staggering Rs 500 crore. The Cyber Cell's IFSO Unit, which has already apprehended the mastermind behind the operation, is intensifying its investigation into this high-profile case.
Yadav, along with several other social media influencers, is being scrutinized for promoting the HIBOX APP, which promised investors enticing returns of 1% to 5% daily. The Delhi Police Special Cell has indicated that it will soon refer the case to the Enforcement Directorate (ED) for further action. In a recent operation, authorities seized Rs 18 crore from four bank accounts linked to the fraud.
As the investigation unfolds, a total of 151 complaints have been registered, highlighting the widespread impact of this fraudulent scheme. Reports suggest that approximately 300 individuals have been deceived, with the accused luring over 30,000 investors into the trap through false promises of high returns. The allegations surfaced after the IFSO unit received 29 complaints on August 16, 2024, detailing how several prominent influencers, including Yadav, motivated potential investors to put their money into the HIBOX APP.
A case was formally registered at the Special Cell Police Station on August 20, 2024, revealing an alarming pattern of fraud that had previously affected nine victims in the North East district of Cyber Delhi. Further investigation uncovered a network of 488 additional cases linked through the NCRP portal, prompting police to delve deeper into the operations of the HIBOX APP. Tracking the flow of funds, authorities discovered that money was transferred through EASEBUZZ and PhonePe into the accounts managed by the accused, identified as J. Shivram, who operated from a leased office in Chennai under the guise of Satrulla Express Private Limited.
The modus operandi of the HIBOX APP involved utilizing social media platforms to attract unsuspecting investors, offering monthly returns ranging from 30% to 90%. The role of EASEBUZZ and PhonePe is currently under investigation, as these platforms allegedly facilitated the fraudulent operation without adhering to necessary verification processes mandated by the Reserve Bank of India (RBI).
As the investigation continues, notices have been dispatched to prominent YouTubers, including Elvish Yadav, Abhishek Malhan, and others, urging them to cooperate with the ongoing inquiry. This case serves as a stark reminder of the potential dangers lurking in the world of online investments and the importance of due diligence before entrusting funds to any digital platform. The digital community watches closely as this unfolding drama raises crucial questions about accountability and the responsibility of social media influencers.
