From profits to panic: YBY scam rocks Assam; CID probe on

Guwahati, August 14: About two months ago, Rajiv Saikia (name changed on request) was introduced to the mobile trading app, YBY, through an acquaintance.

Captivated by the app’s user-friendly interface and the promise of doubling his money by completing daily tasks, Saikia decided to download it.

However, little did Saikia know that he was stepping into a massive scam. “I invested some money, but now I find myself trapped,” Saikia lamented.

“I began using the app and invested a few thousand rupees into the YBY fund. Each day, we receive a task via a WhatsApp group, and upon completing these tasks, we earn a 6% profit on our investment, with a 20% tax deduction. We were also encouraged to recruit more users, like a chain system, to earn an extra Rs. 500 daily,” Saikia explained to The Assam Tribune.

He noted that everything seemed fine until last week. “We were able to withdraw money from the app without any issues. However, we then received a message requiring a KYC update to process further withdrawals,” he added.

“The message garnered suspicion and we decided to cease our involvement with the app,” Saikia said.

Recently, the YBY fund scam has made headlines as numerous people across the state have reported losing substantial amounts of money through the app and Saikia is one of many victims who have fallen prey to this mobile scam.

In response to the outcry, the Crime Investigation Department (CID) Assam launched a suo motu investigation in the second week of August after receiving numerous complaints from victims.

Sources within the department revealed to The Assam Tribune that the YBY mobile app, like many illicit trading platforms, attracted victims with promises of profitable returns on their investments.

“Nearly 90% of people are unfamiliar with online risks, making them vulnerable to such frauds. While the app appears profitable when users are earning, panic sets in once they are unable to withdraw their money. People only recognise something is wrong when these apps start asking additional charges for withdrawals, not during the initial investment phase. This is their typical modus operandi,” the source explained.

The investigation is still in its preliminary stages, with the CID gathering information from the affected individuals.

Assam’s Director General of Police (DGP) GP Singh, addressing the YBY scam, acknowledged its widespread impact across the state.

“We were alerted about this issue approximately 15 days ago, so it’s premature to draw conclusions as the investigation is ongoing. So far, the CID has discovered that the app has violated certain Reserve Bank of India and Ministry of Finance regulations,” he said during the Independence Day rehearsals at Khanapara Veterinary Field on Wednesday.

The DGP also announced that the CID will soon provide a phone number for people to report their complaints. “Once the investigation progresses further, we will share more details,” he added.

Meanwhile, local press has been abuzz with reports and speculation about the app and its operators.

The YBY scam has stirred significant controversy, with allegations implicating political figures and former militant leaders.

As the investigation progresses, both the public and the victims are anxiously awaiting justice and hoping that law enforcement will bring those responsible to account.