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The HiBox investment app has been identified as a 'pig butchering' scam, where victims were initially given smaller payouts to gain their trust before being defrauded. Influencers like Elvish Yadav and Abhishek Malhan promoted the app, leading many users to invest money with the promise of gifts ranging from Rs. 300 to over a lakh. However, users realized they were duped when they could not withdraw any money from the app. One victim, Lucky Jaiswal, lost as much as Rs. 50,000 after investing in the app, which promised items like mobile covers, tablets, and iPads. The scam highlights significant loopholes in the regulation of such investment platforms.
Imagine you bet Rs 10 on a gaming app, win, then raise it to Rs 500—only to lose it all. Police recently arrested a gang that rigged online bets for small wins but big losses. Read to know what happened 🔗 https://t.co/BynNlGwcyZ @surbhiglori #Scams #bettingscam
"Sometimes, it would be something small like mobile covers, but other times, you could get a tablet or iPad." Lucky Jaiswal invested money in influencer-endorsed 'mystery box app' #Hibox only to lose as much as Rs. 50,000. https://t.co/gBVCcJl5E9
NEW: Influenced by #ElvishYadav and Abhishek Malhan, users invested in a ‘mystery box app’ promising gifts between Rs. 300 to over a lakh. But realised they were duped months later when they could not withdraw the deposited money. #ScamAlert https://t.co/xlhbh1RG0k
