Elvish Yadav and Bharti Singh Summoned in connection with Rs 500 crore investment fraud

Bigg Boss OTT victor Elvish Yadav and comedian Bharti Singh have been summoned by Delhi police in relation to an app-based scam involving a fraud of Rs 500 crore. The summons were issued after the police received over 500 complaints indicating that numerous influencers and YouTubers promoted the HIBOX mobile application on their platforms, luring individuals to invest through the app, a police officer informed news agency PTI.

Describing the mobile application as a component of a "well-planned scam," police stated that the accused guaranteed high returns through the app. Authorities mentioned that the mastermind behind the scam, Sivaram, a Chennai resident, has been arrested.

According to the complaint, social media influencers and YouTubers such as Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat endorsed the application and enticed individuals to invest through the app.

"HIBOX is a mobile application that was part of a well-planned scam," Deputy Commissioner of Police (IFSO Special Cell) Hemant Tiwari said.

Using this application, the accused assured guaranteed returns of one to five percent daily, totaling 30 to 90 percent in a month, the DCP stated. The app was introduced in February 2024. More than 30,000 individuals invested money into the app.

In the first five months, the investors received substantial returns. However, starting in July, the app stopped the payments, claiming technical glitches, legal problems, GST issues, and other reasons. "The alleged companies disappeared after closing their office in Noida in Uttar Pradesh," DCP Tiwari said. Authorities stated that the mastermind Sivaram was apprehended, and Rs 18 crore has been confiscated from his four separate bank accounts.

On August 16, police received complaints from 29 victims regarding the HIBOX application at the Intelligence Fusion & Strategic Operations (IFSO). The complainants claimed that they were promised high returns on their investments.

The Special Cell on August 20, filed an FIR under several sections of the Bharatiya Nyaya Sanhita and applicable provisions of the Information Technology Act. During the investigation, numerous complaints from the cyber Northeast district were also filed against the HIBOX application by nine individuals who were similarly deceived.

These nine cases were handed over to IFSO. Police have received more than 500 complaints from the northeast district, outer district, Shahdara, and the NCRP portal. "Our team gathered details of payment gateways and bank accounts involved in the fraud. Analysis of the transactions led the team to identify four accounts which were used to siphon off cheated amounts," the DCP said.

"To date, 127 complaints are clubbed and the roles of EASEBUZZ and PhonePe are under probe as the merchant accounts of the fraudsters operating HIBOX were opened virtually without following the due verification process and bypassing laid down norms of RBI, police said.

"Involvement of EASEBUZZ and PhonePe employees can't be ruled out and an investigation is underway," DCP said.