The Delhi Police have summoned well-known influencers, including Bharti Singh, Elvish Yadav, and Abhishek Malhan, for promoting the fraudulent ‘Hibox’ app, which scammed over 30,000 people, resulting in losses amounting to ₹500 crore. The app, launched in February 2024, promised high returns but left investors empty-handed by July 2024.
Bharti Singh & Influencers Face Backlash Over ‘Hibox’ Scam Promotions
Ten prominent social media influencers, including Saurav Joshi, Purav Jha, Harsh Limbachiya, Lakshay Choudhary, and Amit @CrazyXYZ, are facing scrutiny for endorsing the now-collapsed Hibox app. These influencers allegedly enticed their followers by promoting high-return promises. Five of them have been summoned by the IFSO (Intelligence Fusion and Strategic Operations) unit for questioning in connection with the massive ₹500 crore scam.
Crackdown Begins: Arrests Follow ‘Hibox’ Investigation
Authorities have already arrested J Sivaram, the director of Sutrulla Express Private Limited, the parent company behind Hibox. His company is accused of illegally siphoning off investors’ funds through the app, which vanished after just a few months of operation.
What the ‘Hibox’ App Promised
Launched in February 2024, the Hibox app presented itself as a high-return investment platform. Since April 2024, it has been widely promoted by influencers, promising daily returns of 1% and monthly returns of 30%. Users were enticed to open virtual ‘magic boxes’ that promised gifts or cash, with investments locked in for just 24 hours.
What ‘Hibox’ Actually Did
By July 2024, the scheme collapsed, and both the promised gifts and the investors’ money disappeared. Payments began being withheld, with the app citing reasons such as “technical glitches” and “legal issues” to block or delay withdrawals.
How Victims Were Scammed by ‘High-Return’ Apps Like Hibox
The Enforcement Directorate (ED) found that once victims downloaded the fake app, they saw fabricated returns displayed on their dashboards. These false profits convinced users to invest more money. However, when victims tried to withdraw their funds, they were hit with fake charges like statutory taxes and brokerage fees. After enough money had been siphoned off, the scammers vanished, leaving the victims with nothing.
Conclusion
As influencer marketing grows, so do its associated risks. The Hibox scam serves as a stark reminder of the potential dangers in the digital investment space, especially when high-profile influencers promote questionable schemes. With thousands of victims and a ₹500 crore fraud, this case highlights the need for greater scrutiny of endorsements and deeper investigations into the role of influencers in promoting fraudulent schemes.