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Elvish Yadav in Trouble? Delhi Police Summons YouTuber Elvish Yadav and Comedian Bharti Singh for ₹500 Crore Investment Fraud Case !

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YouTuber Elvish Yadav, Comedian Bharti Singh, and Others Summoned for ₹500 Crore Scam

The Delhi Police arrested Elvish Yadav, comedian Bharti Singh, and three others on October 3 for allegedly participating in a ₹500 crore mobile app scam, according to PTI sources.
The authorities had previously received over 500 complaints alleging that various social media stars and YouTubers marketed the HIBOX mobile app, enticing consumers to spend money.
A 30-year-old Chennai resident named Sivaram has been nabbed as the primary suspect in the scam, according to a police official.

Adarsh Singh, Amit, Dilraj Singh Rawat, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, and Bharti Singh were among the YouTubers and influencers who promoted the app and tricked people into investing.
  • Case Details and what did they promise?
According to the HIBOX app, daily returns of 1 to 5% are assured and can total between 30 and 90% each month. When it was first released in February 2024, the app was used by over 30,000 investors.
Initially, investors saw significant profits between February and June. But starting in July, the app ceased making payments, citing things like technical difficulties, legal troubles, and GST challenges as excuses.
  • Police Initial Investigation and Police Intervention?
The mastermind, Sivaram, has been apprehended by the police, and ₹18 crore has been taken from four of his bank accounts.

29 victims filed complaints with the police on August 16 regarding the HIBOX app. According to these accusations, the app promised investors significant returns on their investments.

On August 20, the Special Cell filed a formal complaint under several legal provisions, including the Information Technology Act.

Additional complaints have also been received from several regions, including the Shahdara area, the NCRP portal, and over 500 from Delhi's northeast and outlying districts.

Details on the bank accounts and payment gateways used in the scam were discovered during the police investigation. The inquiry also revealed that merchant accounts for HIBOX were created without the required verification through PhonePe and EASEBUZZ, in violation of RBI regulations.

The police are currently investigating any potential employee connection with these payment platforms.

(With agency contributions)

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Elvish Yadav, Bharti Singh Among Influencers Summoned in Rs. 500 Cr Investment Scam



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