500 crore Investment Scam , Influencer Elvis Yadav , Bharti Singh Summoned by Delhi Police.
Several social media influencers, including comedian Bharti Singh and YouTuber Elvish Yadav, have been issued notices by the Delhi Police for their alleged involvement in promoting ‘Hibox,’ an app at the center of a Rs 500 crore investment scam. The police revealed that over 30,000 people were defrauded through this app.
The investigation, led by the Special Cell’s Intelligence Fusion and Strategic Operations (IFSO) unit, resulted in the arrest of J Sivaram, the 30-year-old director of Sutrulla Express Private Limited, the parent company behind Hibox. The company’s accounts were allegedly used to funnel the fraudulent funds.
According to authorities, 10 influencers were implicated in the case, including popular names like Saurav Joshi, Abhishek Malhan (aka Fukra Insaan), Elvish Yadav, Bharti Singh, and Harsh Limbachiya, among others. These influencers allegedly promoted the app to their followers, encouraging them to invest with promises of high returns. Five of these influencers, including Elvish Yadav and Bharti Singh, have already been summoned for questioning regarding their involvement in the promotion of Hibox and the payments they received for endorsements.
Hibox, which was officially launched in February 2024 after development began in mid-2023, attracted investors through aggressive promotions by influencers on platforms like YouTube. The app initially offered returns of 1% daily and 30% monthly. Investors were also enticed with virtual “magic” boxes, which promised gifts or cash equivalent to the returns.
However, by July 2024, payments stopped under various pretexts, such as technical issues or GST problems. The scam came to light in August 2024 when multiple complaints were lodged, revealing widespread fraud.
The police tracked four key accounts where the majority of the funds were transferred, all leading to Sutrulla Express in Chennai. After extensive investigation and raids in both Chennai and Delhi, Sivaram was arrested. Authorities are now probing potential international links to the scam.
