Zerodha CEO and Founder Nithin Kamath exposed the ‘WhatsApp Investment Scam’ in a recent X post. He said that ‘WhatsApp Investment Scam’ claimed the most victims. He highlighted that criminals use my face, Nikhil Kamath, or some of our employees, and claim 100%-200% to lure victims. Know the details, lest you get trapped.
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Nithin Kamath Exposed WhatsApp Investment Scam.
Nithin Kamath, CEO and founder of Zerodha, took the microblogging platform X (Formerly Twitter), exposing the ‘WhatsApp Investment Scam’. The post reflected how the WhatsApp investment scam is claiming more victims, compared to all other scams.
“Among all investment scams, the one that has claimed the most victims is the WhatsApp investment scam, “Nithin wrote in the post. Nithin Kamath conducted detailed research to find out ‘How this scam is trapping investors?’. So he exposes scammers’ strategies step by step.
How do Victims Get Trapped? A Detailed Research.
Nithin Kamath explains how scammers trap you. The steps are below.
- Scammers take you in groups named as ‘Zerodha Elite Traders’ or ‘Premium Investors Club’. They use logos, colours, and even SEBI numbers that look legit. The admins pose as me, Nikhil, Venu, or some of our employees.
- Within hours, the chat is flooded with screenshots of 100–200% intraday returns and testimonials. All of them are fake.
- They peddle “premium signals” and link to a fake app that looks exactly like Kite. Once you deposit money, the dashboard shows imaginary profits.
- When you try to withdraw the profits, you’re told to pay processing fees, taxes, and verification charges. The scammers then take the money and vanish.
Nithin Kamath Strictly Warned: Stay Away From Lure.
In the end, Nithin Kamath Strictly Warned to be aware and not get attracted by lures. As he clarified, Zerodha doesn’t give any investment tips and tricks, any advice, and does not even run any WhatsApp or Telegram trading groups. Official comments are made through verified channels.
“Note: @zerodhaonline does not offer stock tips, investment advice, or run WhatsApp/Telegram trading-signal groups. All official communication comes only through our verified channels, “He wrote in the post.
A Robust Growth of 22% in Investment Scams in India.
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Over the years, India has been a hub of scams. This scam is even growing with strong percentages. According to a Times of India report, with 5,087 cases, the overall cybercrimes in India’s financial capital, Mumbai, surged 22 per cent in 2024 compared with 4,169 in 2023. The investment scams skyrocketed nearly 14 times from 80 cases to 1,160.
India, as a hub of scams, doesn’t start from today, but it’s historical. This exposes the regulatory gaps and shakes the investors’ confidence. Among all, the Harshad Mehta scam in 1992 began a harsh market and regulatory environment.
An investment scam occurs when people are tricked and lured into big returns. This scam might happen while investing in stocks, bonds, notes, currency, commodities, or even in real estate. Fraudsters might give fake information about real investing and divert you to their plan.
So, Experts advise investors to always receive independent legal advice, or financial advice from a certified advisor or SEBI-registered experts before making investment decisions.
Conclusion
Your hard-earned money will be scammed if you get trapped in a scammer’s trap. They scam people with different groups on either WhatsApp or Telegram, and even run ads across social media. So, Vigilance will be the best solution to save yourself from these scams.
Nikhil Kamath’s Warning post in 2024.
Scam alert, this is obviously not from me, I have never had or have any WhatsApp groups, nor do I give tips etc.
— Nikhil Kamath (@nikhilkamathcio) April 12, 2024
Please report these…
Also to all the brands who reach out, I don't do paid promotions/collaborations/ads/paid speaking engagements of any kind
Please stop… pic.twitter.com/iW8gZFOmRj
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