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Launched in February 2024, the app had over 30,000 people invested money into it. Image:livemint.com
Payment aggregator platforms PhonePe and Easebuzz are allegedly facing investigation by the cyber crime unit of Delhi Police in a fraud spanning thousands of investors, social media influencers and around 20 entities, reported Business Standard.
This is seen as part of an elaborate scam that reportedly defrauded nearly 30,000 people, who were lured into investing in Hibox mobile application by promising high returns on false assurance of daily interest rate ranging from 1 to 5 percent, as per the Intelligence Fusion and Strategic Operations (IFSO) of Delhi Police.
These high returns add up to 30 to 150 percent a month – which are exceptionally high by any standard.
Guidelines flouted
Hemant Tiwari, deputy commissioner of police, IFSO, special cell of Delhi Police, was quoted by Business Standard as saying that apps such as PhonePe and others have not adhered to the guidelines of Reserve Bank of India.
Launched in February 2024, the app had over 30,000 people invested money into it, PTI reported. From February to June, the investors received high returns, while from July the app withheld the payments on account of technical glitches, GST issues, legal issues, etc.
Those who are unaware -- IFSO is a specialized unit investigating cyber crime in India that works in coordination with investigative agencies.
Apart from these two payment aggregators, nearly 20 firms are under scrutiny for laundering the money involved in the scam.
The notices were also sent to a number of social media influencers who promoted this app.
These influencers include Abhishek Malhan, Elvish Yadav, Lakshay Choudhary and Purav Jha.
The report further highlights that the police has clubbed nearly 127 complaints against the Hibox app and arrested the alleged kingpin Sivaram and seized ₹18 crore from his four different bank accounts.
"The alleged companies disappeared after closing their office in Noida in Uttar Pradesh," DCP Tiwari said.
(By arrangement with livemint.com)
