Delhi IFSO arrests key accused in HiBox scam, recovers Rs 18 crore

NEW DELHI In a major breakthrough, the Intelligence Fusion and Strategic Operations Unit (IFSO) of Delhi arrested the main accused in the HiBox Investment scam, a large-scale fraud that duped over 30,000 people by luring them into investing in the HiBox mobile application.

- TBG NETWORK

The special unit of Delhi IFSO arrested a 30-year-old resident of New Washermanpet in Chennai, Tamil Nadu and recovered Rs 18 crore, seizing four bank accounts in the process.

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

The entire amount of victims was deposited in four accounts of a company registered in the name of the accused who was also the Director of the company.