The Delhi Police’s Cyber Security Cell, the Intelligence Fusion and Strategic Operations (IFSO) section, is investigating payment aggregators PhonePe and Easebuzz for allegedly creating merchant accounts tied to a ₹500 crore investment scheme. The scam, which duped over 30,000 people, relied on the Hibox mobile app, which fraudulently promised large profits with daily interest rates ranging from 1% to 5%, according to the IFSO.
The investigation is looking into whether the platforms violated Reserve Bank of India (RBI) norms when setting up virtual merchant accounts or whether they were actively involved in the scheme. In an interview with *Business Standard*, Hemant Tiwari, Deputy Commissioner of Police for IFSO, stated that apps such as PhonePe and others did not follow RBI guidelines when opening virtual merchant accounts and are being investigated to determine whether this was an error or if they were actively involved.
The IFSO, which specializes in investigating cybercrime in collaboration with other authorities, claimed that the probable involvement of workers from these payment systems is not ruled out. The inquiry is ongoing, and no formal replies were received from PhonePe or Easebuzz.
In addition to these platforms, over 20 more organizations are being investigated for allegedly laundering money related to the scheme. Tiwari stated that these firms will be sent to the *Enforcement Directorate* for further inquiry.
Popular social media personalities and YouTubers promoted the hoax, which spread rapidly. IFSO has sent letters to influencers like Abhishek Malhan, Elvish Yadav, Lakshay Choudhary, and Purav Jha, demanding their assistance with the probe. The Delhi Police have combined over 127 complaints regarding the Hibox app and arrested the primary offender in the case. ₹18 crore has been recovered from four banks.