PhonePe, others under lens of cyber crime police for ₹500 crore Hibox app scam: Report

Payment aggregator platforms PhonePe and Easebuzz are allegedly facing investigation by the cyber crime unit of Delhi Police in what is turning out to be a well-entrenched fraud spanning thousands of investors, social media influencers and around 20 entities, reported Business Standard.

This is seen as part of an elaborate scam that reportedly defrauded nearly 30,000 people, who were lured into investing in Hibox mobile application by promising high returns on false assurance of daily interest rate ranging from 1 to 5 percent, per the Intelligence Fusion and Strategic Operations (IFSO) of Delhi Police.