Man Arrested for Defrauding 30,000 Individuals Through the HIBOX App Scam

Five well-known social media influencers, including YouTubers Elvish Yadav and Bharti Singh, have been called by the Delhi Police in a significant crackdown over an extensive app-based scam that robbed investors of about INR 500 crore. The 'HIBOX' smartphone application, promised consumers guaranteed returns on their investments but was a platform for unlawful operations.

Over 500 complaints have been filed against the program, according to a police spokeswoman. The victims claim they were tricked into investing by well-known internet figures who promoted the software on social media. Over 30,000 people were impacted by the scam as they were duped by influencer-led campaigns offering investment opportunities and mystery box shopping with speedy returns.

A syndicate using the 'Hibox' app to deceive almost 30,000 individuals with promises of guaranteed returns on investments was brought down by the Delhi Police's IFSO squad. Several well-known YouTubers and social media celebrities are said to have promoted the hoax, luring naive people in with their sizable online followings.

Using Social Media Celebs to Allure Users

"Hibox" was an app that advertised itself as a place to find investment possibilities and mystery box shopping experiences. A growing trend on e-commerce sites is mystery box buying, which enables customers to buy parcels whose contents are unknown, increasing the excitement of opening them. But the 'Hibox' platform, which attracted users with claims of instant earnings and returns, turned out to be a front for dishonest business practices.

The Delhi Police claims that a large number of victims were made aware of the app by well-known YouTubers and influencers who shared the link with their millions of fans. The list of people under investigation includes comedian Bharti Singh, YouTubers Abhishek Malhan, Elvish Yadav, Lakshay Choudhary, and Purav Jha. Nine influencers in all participated in the app's marketing campaign.

An IFSO unit spokesman claimed that by utilizing these social media stars' power, the syndicate was able to reach a sizable audience. The aforementioned people have received summons letters to participate in the investigation and make statements as part of the ongoing investigation.

How Did the Scam Unfold?

When several users came forward to report that they had been duped into paying money for the software only to discover that the promised rewards had never materialized, the scam was exposed. Many of the victims were lured to the platform by influencer-sponsored content, which gave them reason to think the scam was real.

Growing numbers of people now believe the opinions of social media influencers, often making it difficult to distinguish between paid marketing and sincere suggestions. This instance serves as a warning about the dangers of using internet platforms that mix investment programs with popular practices like mystery box buying.

The Delhi Police's IFSO squad is still looking into the syndicate; depending on the investigation's findings, more action might be taken. Users of social media are being advised to thoroughly investigate platforms before making financial commitments and are being alerted about the possible risks associated with investment plans.

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