The HiBox app scam, which has reportedly duped thousands of people with false promises of high returns on investments, has drawn in several prominent social media influencers. The app managed to lure over 30,000 users with promises of daily returns between 1 to 5%, amounting to 30-90% in a month. However, it stopped payments in June 2024, citing technical issues and other reasons, leaving many users unable to access their funds. The scam is estimated to have defrauded investors of ₹500 crore.
Influencers Under Investigation
The following social media personalities have been summoned for questioning due to their involvement in promoting the HiBox app:
- Rhea Chakraborty (Actor)
- Bharti Singh (Comedian)
- Elvish Yadav (YouTuber)
- Saurav Joshi (YouTuber)
- Abhishek Malhan (YouTuber)
- Purav Jha (YouTuber)
- Harsh Limbachiya (Comedian)
- Lakshay Choudhary (YouTuber)
- Adarsh Singh (Influencer)
- Amit (Influencer)
- Dilraj Singh Rawat (YouTuber)
These influencers are under scrutiny for promoting the app to their followers, which led many to invest in the scheme.
How the Scam Worked
HiBox was launched in February 2024 and started by paying the promised returns to investors. However, by June, the app began withholding payments, blaming technical glitches, GST complications, and legal issues. This led to over 500 complaints filed with the Delhi Police, prompting an investigation.
The main accused, a Chennai resident named Sivaram, has been arrested. Police have also begun probing the role of two payment platforms — Easebuzz and PhonePe — for their alleged involvement in facilitating transactions for the app.
Payment Platform Response
Easebuzz has issued a statement asserting that it had blocked the merchant being investigated in July 2024, before the police probe began. The company also mentioned that it filed a Suspicious Transaction Report (STR) under the Financial Intelligence Unit (FIU) norms and followed internal compliance policies by halting transactions for the merchant.
The HiBox scam highlights the growing concern around fraudulent investment schemes promoted on social media, emphasizing the importance of caution and due diligence before making financial commitments based on influencer endorsements.
