Main Accused Arrested in HiBox Investment Scam
The Intelligence Fusion and Strategic Operations Unit (IFSO) of Delhi has made a significant arrest in the HiBox Investment scam. This large-scale fraud tricked over 30,000 people into investing in the HiBox mobile app, promising high returns.
Details of the Arrest
The main accused, a 30-year-old from New Washermanpet, Chennai, was arrested. Authorities recovered Rs 18 crore and seized four bank accounts linked to the scam. The fraud, valued at approximately Rs 500 crore, involved false promises of daily interest rates between 1% and 5%.
Role of Social Media Influencers
Many victims were lured by promotions from popular social media influencers and YouTubers. The accused was the director of the company and managed the payment gateways and bank accounts used for the scam.
Ongoing Investigations
While the main accused is in custody, some co-conspirators remain at large. IFSO is investigating two cases related to the scam, with 127 complaints filed. Summons have been issued to some influencers and YouTubers. Payment gateway apps are also under scrutiny for potentially bypassing RBI norms.
Impact on Investors
HiBox promised investors daily returns of 1% to 5%, leading to monthly returns of 30% to 90%. However, the platform has stopped releasing funds, and the companies involved have vanished after closing their offices in Noida, Uttar Pradesh.
Doubts Revealed
HiBox Investment Scam -: The HiBox Investment Scam was a fraudulent scheme where people were tricked into investing money with the promise of high returns through a mobile app called HiBox.
IFSO -: IFSO stands for Intelligence Fusion and Strategic Operations Unit. It is a special unit in Delhi that deals with complex crimes, including cybercrimes and frauds.
Rs 500 crore -: Rs 500 crore is a large amount of money, equivalent to 5 billion rupees. It shows how big the scam was, affecting many people.
RBI norms -: RBI norms are rules set by the Reserve Bank of India, which is the central bank of India. These rules help ensure that financial transactions are safe and legal.
Payment gateways -: Payment gateways are online services that help process payments for online purchases. In this scam, they were used to bypass legal rules and regulations.
