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.