The investment app fraud is a classic ‘pig butchering’ scam, where victims are ‘fattened’ by encouraging small investments with steady payouts. Sadly, this one could be just one of many.
When someone offers guaranteed returns in the stock market, it’s a very obvious red flag. But what if they promise you the possibility of—believably—high returns? Say, 1-5% daily? Chances are, you’d be less likely to suspect something is amiss.
This is the tactic that 30-year-old Chennai resident J Sivaram used in his HiBox investment app launched in February this year. To make things more believable, he used celebrities like YouTuber Elvish Yadav, comedians Bharti Singh, Saurav Joshi and Harsh Limbachiya and actor Rhea Chakraborty to endorse the app.
Naturally, thousands signed up and put in their money on it. All …
Disha is a writer at The Morning Context. She has previously worked at the digital production desk of Reuters. Prior to that, she was a sub-editor at Deccan Herald.
Writer
disha@mailtmc.com
Bengaluru