In a significant breakthrough, the Intelligence Fusion and Strategic Operations Unit (IFSO) of Delhi Police arrested the prime suspect involved in the HiBox investment scam, a large-scale fraud that deceived over 30,000 individuals. The accused, a 30-year-old resident of New Washermanpet in Chennai, Tamil Nadu, was apprehended, and Rs 18 crore was recovered. Authorities also froze four bank accounts linked to the scam.
The HiBox scam, valued at approximately Rs 500 crore, enticed victims by promising high returns on investments via the HiBox mobile application. Investors were falsely assured of daily interest rates between 1% and 5%. Social media influencers and YouTubers played a role in promoting the app, further boosting its credibility and appeal among unsuspecting users.
According to the police, the arrested individual is one of the key conspirators behind the scam. He registered the company involved, acted as its director, and controlled the payment gateways and bank accounts used to receive investment funds. While the prime accused is in custody, authorities have stated that several co-conspirators remain at large.
So far, two cases related to the HiBox scam are under investigation by IFSO, with 127 formal complaints lodged. The investigation has entered its first phase, with summons issued to certain social media influencers and YouTubers who promoted the app.
IFSO is also investigating several payment gateway applications involved in the scam. These platforms allegedly allowed the fraudsters to open merchant accounts without following proper verification protocols, bypassing RBI regulations. The involvement of payment gateway employees is also under investigation.
The HiBox mobile application lured individuals with promises of daily guaranteed returns, ranging from 1% to 5%, translating to monthly returns of 30% to 90%. Over 30,000 people invested in the platform. However, after accumulating a large sum, the fraudsters stopped releasing funds to investors and closed their offices in Noida, Uttar Pradesh, before disappearing.
