Payment platforms PhonePe and Easebuzz are reportedly under investigation by the cyber crime unit of Delhi Police in connection with a massive scam involving the Hibox mobile application. This fraudulent scheme has affected thousands of investors, social media influencers, and around 20 companies.
The scam allegedly deceived nearly 30,000 individuals, enticing them to invest in the Hibox app with promises of high returns. Investors were lured by the false assurance of daily interest rates between 1 to 5 percent, which translated to monthly returns of 30 to 150 percent—an unusually high promise. The Intelligence Fusion and Strategic Operations (IFSO) of Delhi Police is currently looking into these claims.
Hemant Tiwari, deputy commissioner of police at IFSO, noted that platforms like PhonePe have not followed the guidelines set by the Reserve Bank of India. Launched in February 2024, the Hibox app attracted a significant number of investors. Initially, from February to June, users received substantial returns. However, starting in July, the app began to withhold payments, citing technical issues, GST concerns, and legal troubles.
IFSO is a specialized unit focused on investigating cyber crimes in India and works closely with various investigative agencies. In addition to PhonePe and Easebuzz, nearly 20 other firms are being scrutinized for their alleged involvement in laundering money linked to the scam.
The police have also issued notices to several social media influencers who promoted the Hibox app, including Abhishek Malhan, Elvish Yadav, Lakshay Choudhary, and Purav Jha. According to reports, the police have consolidated around 127 complaints against the Hibox app. They have arrested the alleged mastermind, Sivaram, and seized ₹18 crore from his accounts in four different banks.
DCP Tiwari mentioned that the companies involved in the scam disappeared after closing their office in Noida, Uttar Pradesh.
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