The app, according to police reports, lured investors with promises of guaranteed returns and resulted in a fraud estimated at Rs 500 crore

In addition to these platforms, around 20 other firms are under scrutiny for allegedly laundering money connected to the scam.

This is seen as part of an elaborate scam that reportedly defrauded nearly 30,000 people, who were lured into investing in Hibox mobile app by promising high returns on false assurance of daily interest rate ranging from 1 to 5 percent a day.

The police identified the accused as J. Sivaram (30), a resident of Chennai. They believe that he is the main accused involved in a large-scale scam that defrauded over 30,000 people by luring them into investing in the ‘HIBOX’ app.

The Intelligence Fusion and Strategic Operations (IFSO) unit is a specialised team focused on investigating cybercrime in India, working in collaboration with various agencies