HIBox App Scam: Fraud Worth Rs 100 Crore, Influencers Including Abhishek Malhan, Elvish Yadav, Reha Chakraborty Under Scanner
In a shocking turn of events, thousands of people across India have fallen victim to a massive scam involving the HIBox App, resulting in financial losses estimated to be around Rs 100 crores. The fraudulent app lured users by promising significant profits, leveraging endorsements from popular influencers, including YouTubers Elvish Yadav, Abhishek Malhan, and actress Rhea Chakraborty.
The HIBox Scam: How It Worked
The HIBox App encouraged users to invest sums ranging from Rs 300 to Rs 1 lakh in exchange for “boxes” containing items supposedly worth more than the invested amount. However, these items were only valuable within the app’s ecosystem and could only be sold back through the platform itself. This tactic enticed users to invest more money, believing they would profit. As the scam unfolded, users found themselves unable to withdraw their funds, and the operators of the app disappeared without a trace.
One of the victims, Virendra Kumar from Gokulpuri, Delhi, shared his experience, explaining how he and his sons invested Rs 3 lakh into the app in July. They purchased several boxes but received no tangible goods or returns, leading to significant financial loss. His complaint led to the filing of an FIR under Section 318(4) of the Bhartiya Nyay Sanhita (BNS), prompting the Special Cell of the Delhi Police to launch an investigation.
Influencers Under Investigation
The scam has sparked concerns about the role of social media influencers in promoting fraudulent platforms. Authorities are investigating the involvement of influencers, including Elvish Yadav, Abhishek Malhan, and Rhea Chakraborty, who allegedly endorsed the HIBox App and received large sums of money for promoting it. Over 20 complaints have already been filed, and the police are preparing to summon these influencers for questioning as part of their ongoing investigation.
Dear Users,
— Hibox India 🇮🇳 (@HiboxIndia) August 9, 2024
We’re pleased to inform you that funds withdrawals for our app have officially started.
Withdrawals will be processed on a queue basis and should be reflected in your bank account within the next 24 hours.
Thank you for your patience.
Best regards,
HIBOX Team
“The estimated scam amount stands at around Rs 100 crores, but this figure could rise as more victims come forward,” said a source close to the investigation. The cybercrime unit has been flooded with complaints, underscoring the widespread impact of the fraud.
Public Outrage and Hibox's Response
Abhishek Malhan, a well-known digital creator, has found himself at the center of the controversy. His followers have flocked to his Instagram account, demanding that he help them retrieve their money from the app. Users have been posting the hashtag '#hiboxscam' in the comments section of his posts, with many accusing Malhan of promoting the app, leading them to invest money that they are now unable to withdraw.
One user shared how they invested Rs 65,000 based on Malhan’s recommendation but have been unable to withdraw their funds. Another accused the influencer of “sleeping peacefully” while his fans' money remains stuck in the app.
In response to the backlash, the HIBox team released an official statement on their social media platform, X, announcing that they had begun processing withdrawals and advising customers to queue up for their money. The team also issued a statement a few days earlier, urging the public to stop spreading negativity and to stand by them during the crisis.
A Warning for Investors
This scam has reignited concerns about the dangers of online investment schemes that promise unusually high returns. Authorities are urging the public to exercise caution and thoroughly research platforms before investing, especially those promoted by celebrities or influencers. People are encouraged to report any suspicious activities to the authorities through the 1930 helpline number.
As the investigation unfolds, the case serves as a reminder of the need for greater vigilance in the digital era, where fraudulent schemes can quickly spread through social media platforms and celebrity endorsements.
The HIBox scam, which has defrauded thousands of people across the country, highlights the risks associated with unregulated online investment platforms. The involvement of popular influencers has further amplified the scam's reach, raising important questions about accountability and the ethical responsibility of public figures when promoting financial products.
