The largest of them is the ₹500 crore mobile app fraud that involves celebrities, and social media influencers have made a lot of noise due to the involvement of influence people and a huge amount of loss. Launched in February 2024, the app offered investors a manifold of outrageous profits of up to $90% in a month due to daily returns between 1% and 5%. This drew more than 30 000 investors some of whom have filed complaints contending that the investment schemes had misled and defrauded them.
Some of the persons being issued notices by the IFSO wing of the Delhi Police include actress Rhea Chakraborty, comedians Bharti Singh and her husband Harsh Limbachiyaa, YouTuber Elvish Yadav. Some of them are blamed of posting information about the HIBOX application on social media which helped spread the deception. Also, some of the social media personalities that were summoned to answer questions included Abhishek Malhan, Lakshay Choudhary, and Purav Jha failed to attend the initial summon.
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The main organizer of the scam, Sivaram from the Chennai city, was arrested, though the other celebrities continue to be investigated to define the degree of their participation in the scam. According to findings it is said that the influencers or those individuals contributed to marketing the given fake application as a potential path to earn money without realizing the risks included in investment into the said fake application.
Currently, Delhi Police’s IFSO unit is presently engaged precisely by investigating how these influencers was paid and whether they had any clue about the scam. This case makes it clear why people are increasingly worried about the impact of social media influencers on the sale of financial products, and what legal implications may arise when such recommendations cause high-stake.
More influencers can similarly be interrogated, as investigations continue concerning the contacts of the con for further details relating to the fraud.
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