HiBox scams investors of 500 crore
The accused lured victims into investing in the HIBOX mobile app with promises of daily returns between 1% and 5%, amounting to 30% to 90% monthly. The scam was further amplified through endorsements by popular social media influencers and YouTubers. Eventually, the platform stopped releasing funds, and the alleged companies shut down their offices in Noida. 30,000 people were defrauded with promises of exorbitant daily returns. The fraud is estimated at Rs 500 crore.
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