Zerodha CEO Nithin Kamath Shares Advice on Rising Stock Market Fraud

CEO Shares Advice on Rising Stock: Nikhil Kamath of Zerodha has asked everyone to change their WhatsApp and Telegram settings so that strangers can’t add them to groups on these apps, Stock market fraud is on the rise and it’s happening through WhatsApp and Telegram.

“The trend of these frauds are increasing. The past 9 months alone have had scams worth 11000 crores! I dread to think what it will be like once the fraudsters use AI,” Kamath posted on X (formerly Twitter).

He added, “One thing you can do to protect yourself is change the settings on WhatsApp and Telegram so strangers can't add you to groups. Here's screenshots of the settings screen that show how to do it.”

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He was reacting to a story of a Bengaluru based software engineer who lost almost 91 lakhs to people who offered him “online training” in stock market and promised him “huge profits.”

He fell in their trap as all they asked of him was to vote for them in the “Global AI mart Trading Competition.” Then they got him to invest and it was done over 45 days.

Later he realized he was cheated when he couldn’t withdraw the money he invested.

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The scam began in July with the engineer receiving a message on WhatsApp offering him “training” in the stock market in exchange for “voting” in the “competition.” He voted every day and a few days later, was added to a Telegram group of 80 participants.

At one point, he was also made to download two apps, of which one showed his investment and profit details. The second one, on the other hand, was for making investments.

On November 25, days after realising something was amiss, the man contacted police. A case was registered under the Information Technology (IT) Act and Section 318 (cheating) of the Bharatiya Nyaya Sanhita (BNS).

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