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

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

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