YBY App Scam: Assam DGP Alleges Serious Regulatory Violations

A large number of complaints against the YBY mobile application have surfaced recently where victims reported losing sizeable amounts of money. Taking suo-moto action in the matter, the CID launched an investigation based on the complaints.
Assam DGP GP Singh has spoken out on YBY app which has scammed people of their money
Assam DGP GP Singh has spoken out on YBY app which has scammed people of their money
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The YBY Fund mobile application which is at the centre of a massive financial scam duping a large number of people across the state is in gross violation of the guidelines of both the Reserve Bank of India (RBI) and Ministry of Finance, said Assam Director General of Police (DGP) Gyanendra Pratap Singh on Wednesday.

Singh said that the matter was brought to the notice about 15 days ago and it has since been investigated by the Crime Investigation Department (CID) of Assam Police. The preliminary investigation has revealed that the app has been functioning outside the guidelines laid by the competent authorities.

He said, "We received the information nearly 15 days ago. The case was handed to CID for an enquiry. After a preliminary probe, it has come to light that the guidelines of the Ministry of Finance and RBI were not followed by the application."

Stating that it is too early to predict the outcome of the case, GP Singh said, "CID registered a case around four to five days ago and action will be taken based on the findings of the investigation."

"I have asked the CID to flag more fraudulent applications like this as they investigate this case. Moreover, they have been instructed to proceed with taking action as per the law and create awareness among the public through active campaigns," the Assam DGP said, adding that the CID will soon provide a phone number for people to report such matters.

Notably, a large number of complaints against the YBY mobile application have surfaced recently where victims reported losing sizeable amounts of money. Taking suo-moto action in the matter, the CID launched an investigation based on the complaints.

According to reports, the YBY mobile app is among several deceitful trading platforms that operate by luring victims with promises of huge returns on investments.

Assam DGP GP Singh has spoken out on YBY app which has scammed people of their money
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