Rhea Chakraborty, Elvish Yadav Summoned in ₹500 Crore Scam
By MYBRANDBOOK
Actor Rhea Chakraborty, comedian Bharti Singh, and YouTuber Elvish Yadav are among the high-profile figures being questioned as part of an investigation into the HiBox mobile app scam. This app allegedly lured thousands of users with promises of high investment returns, ultimately leading to significant financial losses.
In connection with the ₹500 crore scam, several other social media influencers have also been summoned for questioning. The probe focuses on the role these personalities may have played in promoting the app and attracting users to invest.
The HiBox mobile app, launched in February 2024, quickly attracted over 30,000 investors by promising guaranteed returns of 1% to 5% daily, leading to monthly returns of 30% to 90%. This enticing proposition lured many individuals, particularly those influenced by social media endorsements.
The investigation into the HiBox mobile app scam was triggered after the Delhi Police received more than 500 complaints from individuals who claimed they were misled into investing money in the app. Many of these complaints indicate that victims were influenced by promotional videos featuring their favorite social media influencers or YouTubers.
As the inquiry unfolds, authorities are scrutinizing the role of these influencers in the app's marketing and whether they contributed to the widespread deception. The case underscores the potential dangers of celebrity endorsements in investment schemes, particularly when they promise unrealistic returns.
HiBox launched, successfully drawing in a large user base with attractive investment promises. The app initially paid out the promised returns, building trust among investors.
Investors began experiencing issues as the app started withholding payments and withdrawals. Users were informed of various purported problems, including technical glitches, GST-related issues, and legal complications.
Main Accused: Sivaram, a 30-year-old resident of Chennai, has been arrested by the police for his role in orchestrating the scam. Authorities are intensifying their efforts to uncover the extent of the scam and hold accountable those involved in misleading the public.
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