New Delhi: Delhi Police’s cyber security cell, the Intelligence Fusion and Strategic Operations (IFSO) unit, is probing PhonePe and Easebuzz, in connection with alleged Rs 500 crore investment scam case. IFSO is investigating the allegations of suspected negligence by the payment aggregators in opening merchant accounts linked to the reported scam.

More than 30,000 people got defrauded in the investment scam after getting lured into investing in the Hibox mobile application. The app promised high returns with false assurances of daily interest rates ranging from one to 5 per cent.

Business Standard quoted Hemant Tiwari, deputy commissioner of police, IFSO, Special Cell, Delhi Police, as saying that payment aggregators like PhonePe did not not follow the guidelines of Reserve Bank of India while opening virtual merchant accounts. The top official said the unit is probing whether the accounts were opened mistakenly or the aggregators were actively involved.

What IFSO has said regarding this case

Two cases to “HIBOX” scam, are being investigated by IFSO.
• IFSO has lodged 127 complaints so far.
• Main accused arrested. He has 4 alleged bank accounts.
• Rs 18 crore seized in these accounts.
• Scam of Rs 500 crore (approx) unearthed.
• Officials have issued notices to Social Media Influencers/Youtubers.
• Role of EASEBUZZ and PHONEPE under investigation.

Delhi Police informed that IFSO unit arrested a person suspected to be the main accused involved in the Rs 500 crore scam that defrauded over 30,000 people by luring them into investing in the HIBOX mobile application.

“The scam, valued at approximately ₹500 crore, involved promising high returns on investments, with false assurances of daily interest rates ranging from 1% to 5%. Many victims were drawn in through the promotion of the app by popular social media influencers and YouTubers,” Delhi Police said.