Delhi police uncovers Rs 500 crore scam, summons 5 including Elvis Yadav and Bharti Singh

PTC News Desk: The Delhi Police have summoned YouTuber Elvish Yadav, comedian Bharti Singh, and three others in connection with a massive Rs 500 crore app-based scam, an officer confirmed on Thursday. This investigation follows over 500 complaints alleging that various social media influencers and YouTubers promoted the fraudulent HIBOX mobile app, encouraging people to invest through the platform.

According to the police, the scam was orchestrated through the HIBOX app, which lured investors with promises of daily returns between 1 per cent and 5 per cent, equating to 30 per cent to 90 per cent per month. The app, which was launched in February 2024, attracted more than 30,000 investors by offering high initial returns.

However, by July 2024, the payments stopped, with the company citing issues such as technical glitches, legal problems, and GST complications. Soon after, the companies involved shut down their Noida office and disappeared.

The main accused in the scam, a 30-year-old man named Sivaram from Chennai, has been arrested. Police have also seized Rs 18 crore from four of his bank accounts. Deputy Commissioner of Police (IFSO Special Cell), Hemant Tiwari, described the HIBOX app as part of a meticulously planned scam designed to deceive investors.

Several social media influencers, including Elvish Yadav, Saurav Joshi, Abhishek Malhan, Purav Jha, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat, have been named in the complaints for promoting the app and encouraging people to invest.

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The case came to light on August 16, when 29 victims filed complaints with the Intelligence Fusion & Strategic Operations (IFSO), alleging they were misled by promises of high returns on their investments. On August 20, the Delhi Police Special Cell registered an FIR under various sections of the Bharatiya Nyaya Sanhita and relevant provisions of the Information Technology Act.

During the investigation, nine more complaints were filed by victims of the scam in the Delhi Cyber Northeast District. These cases were transferred to IFSO for further investigation. Since then, over 500 complaints have poured in from various districts, including Northeast Delhi, Outer Delhi, Shahdara, and through the NCRP portal.

“Our team traced the payment gateways and bank accounts used in the fraud,” said DCP Tiwari. "The analysis of these transactions led to the identification of four accounts through which the funds were siphoned off."

So far, 127 complaints have been consolidated, and authorities are investigating the roles of the payment processing platforms EASEBUZZ and PhonePe, which opened merchant accounts for the fraudsters without proper verification, in violation of RBI regulations. "The involvement of employees from EASEBUZZ and PhonePe is also under scrutiny and cannot be ruled out," added DCP Tiwari.

The investigation is ongoing, with further developments expected as police examine the full extent of the scam and the involvement of influencers and financial platforms in enabling the fraud.

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