Delhi Police have arrested J. Sivaram (30), a man from Chennai, in connection with a large-scale investment scam that defrauded over 30,000 individuals of an estimated Rs 500 crore. The accused had lured his victims into investing in a mobile application called HIBOX, promising high daily returns of 1% to 5%, which he claimed would amount to 30% to 90% monthly profits.
The scheme was further promoted by popular social media influencers, including YouTubers Abhishek Malhan (Fukra Insaan), Elvish Yadav, Lakshay Choudhary, and Purav Jha, all of whom have been summoned by the police for questioning.
The fraud came to light after multiple complaints were filed, starting with 29 individuals in August. By the time of the investigation, police had received a total of 577 complaints, including 89 from Delhi and 488 through the National Cybercrime Reporting Portal (NCRP). Investigators uncovered that the suspect had been using e-wallets to transfer the defrauded money, with Rs 18 crore seized from four bank accounts linked to his company.
The accused’s mobile app, HIBOX, had promised returns to its investors, but as the scheme progressed, it stopped releasing funds, leading to mounting suspicions. The offices linked to the alleged companies were also shut down in Noida, further compounding the mystery.
The role of the social media influencers in promoting the app is under investigation, and the police are examining the involvement of two e-wallet services that were reportedly used for the illegal transactions. Investigators have not ruled out the possibility that employees of the e-wallet companies may have been involved in the scam.