Delhi Police have summoned YouTuber Elvish Yadav, comedian Bharti Singh, and three others in connection with a massive ₹500 crore app-based scam. An officer confirmed the development on Thursday, noting that over 500 complaints have been filed alleging that various social media influencers and YouTubers promoted the HIBOX mobile application, luring individuals to invest through the platform.
The primary accused, identified as Sivaram (30) from Chennai, has been arrested. The complaints indicate that prominent figures including Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat were involved in promoting the fraudulent app.
Deputy Commissioner of Police (IFSO Special Cell) Hemant Tiwari described HIBOX as part of a “well-planned scam.” The app, launched in February 2024, promised guaranteed returns of 1 to 5 percent daily, enticing over 30,000 investors. Initially, returns were high, but payments were withheld starting in July, with the app citing technical and legal issues.
DCP Tiwari noted that the alleged companies behind the scam disappeared after closing their Noida office. Sivaram’s arrest has led to the seizure of ₹18 crore from four of his bank accounts.
On August 16, the police began receiving complaints from victims at the Intelligence Fusion & Strategic Operations (IFSO) unit, with an FIR registered on August 20 under various sections of the Bharatiya Nyaya Sanhita and the Information Technology Act.
The investigation revealed similar complaints from the Northeast district, with nine cases transferred to IFSO. To date, 127 complaints have been compiled, and authorities are examining the roles of payment gateways EASEBUZZ and PhonePe, as merchant accounts for the fraud were allegedly opened without proper verification, bypassing RBI regulations.
The police have stated that the involvement of employees from EASEBUZZ and PhonePe cannot be ruled out, and investigations are ongoing.
