What Is The Save Box App Scam? ED Freezes Assets Worth ₹39 Lakh Of Actor Jayasurya

ED Freezes Assets of Jayasurya: The Enforcement Directorate (ED) has frozen assets worth ₹39 lakh belonging to Malayalam actor Jayasurya in connection with the ongoing Save Box app scam investigation. The development comes as part of the agency's probe into alleged financial irregularities linked to the online auction platform, which has been under scrutiny since 2023.

According to a report by Manorama News, the ED initiated action after examining financial transactions related to the actor's association with the company. Jayasurya had served as the brand ambassador for Save Box and had previously appeared before the agency for questioning on two occasions. His name reportedly figured in the list of individuals who received payments from funds allegedly generated through the fraudulent activities of Save Box.

What Is The Save Box App Scam?

The case surfaced after complaints from investors who claimed they were cheated after being promised high returns and franchise opportunities. The app was marketed as an online auction platform where users could bid on electronic gadgets at discounted prices by purchasing virtual coins. Authorities later alleged that the business model involved collecting substantial sums from individuals with assurances of significant profits.

In January 2023, Swathiq Rahim, a native of Thrissur and the founder of Save Box, was arrested by Thrissur East Police after multiple complaints were filed against him. Police alleged that over a hundred people had been duped, with investors claiming losses running into crores of rupees. What began as a single cheating complaint expanded into a wider financial investigation as more alleged victims approached authorities.

The ED subsequently began examining the money trail linked to the platform. As part of the process, the agency questioned Jayasurya regarding his endorsement agreement with the company. Officials are understood to have sought clarity on the terms of his contract, the payments received, and whether he had any knowledge of the company's internal operations. He was also granted time to submit documents detailing his financial dealings with Save Box.

The central government had reportedly directed investigative agencies to intensify action against online platforms accused of defrauding the public. The directive included provisions to examine the role of individuals who promote such platforms through paid advertisements, stating that endorsers could face action if found to have knowingly participated in misleading campaigns.

The ED's investigation is ongoing, with officials continuing to track financial transactions and examine the roles of those associated with the platform.