Rs 500 cr investment scam: PhonePe, Easebuzz, 20 other firms under probe

Payment aggregator platforms PhonePe and Easebuzz are under investigation by the Delhi Police’s cyber security cell, the Intelligence Fusion and Strategic Operations (IFSO) unit, for suspected negligence in opening merchant accounts linked to a Rs 500 crore investment scam case.

The large-scale scam defrauded over 30,000 people, luring them into investing in the Hibox mobile application, which promised high returns with false assurances of daily interest rates ranging from one to 5 per cent, according to IFSO.