Gurgaon man loses Rs 35k in Hibox stock trading app scam
Gurgaon: A city resident fell victim to the Hibox stock trading app scam that defrauded nearly 40,000 investors of Rs 500 crore last year.
Mukul, a 21-year-old from Dhani Kumbha, Pataudi, invested Rs 35,696 from June 28, 2023, to August 2, 2023, after being promised double returns.
While initial withdrawals were processed, the app later restricted access to both investments and profits on Aug 2 last year.
The app, which promised guaranteed returns of 1-5% daily, amounting to 30 to 90 per cent returns monthly, withheld funds citing technical issues.
Mukul, an accountant at a private company in Mumbai, said he sought to secure substantial investments and profits for a promising future.
"I got to know about this app through a friend who assured me of exorbitant profits.
Initially, I invested Rs 300 and earned a profit on the same day. By making small investments, I also withdrew profits of up to Rs 3,000. I reinvested this money in the app. When I invested Rs 35,696 after gaining some confidence in Aug last year, the app restricted my withdrawals," he said, adding that he also repeatedly contacted a helpline number provided on the app.
"On some occasion they said there was a technical glitch, on other server issue.
Following this, I lodged a complaint on the cyber portal," he said. "My friend who told me about the app also lost around Rs 1 lakh."
Explaining the app's modus operandi, Mukul said that there were levels of investments. "Initially, people could only invest amounts up to Rs 5,000. As they started investing more frequently, they were able to unlock higher levels of investment which had assurances of higher returns. People also benefited by referring the app to others," he said.
An unidentified individual was booked in connection with the case on Thursday by cyber police, Manesar, under Section 318(4) (cheating) of BNS and an official stated that further investigation into the fraud was ongoing by Gurgaon cyber police.
Meanwhile, a 30-year-old Chennai resident, Sivaram, the main accused in the investment scam, was arrested by Delhi police last year and Rs 18 crore were seized from his bank account.
Multiple influencers including Youtuber Elvish Yadav and comedian Bharti Singh were also summoned by Delhi police last year after over 600 complaints were received against them for promoting the app. According to the complaints, influencers including Saurav Joshi, Abhishek Malhan, Purav Jha, Elvish Yadav, Bharti Singh, Harsh Limbachiya, Lakshay Choudhary, Adarsh Singh, Amit, and Dilraj Singh Rawat promoted the app and lured people into investing through Hibox.
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