Context:
Rising incidents of impersonation and scams involving unregistered entities posing as SEBI-registered intermediaries on platforms like WhatsApp, Telegram, and fake apps. Fraudsters use fake websites, apps, and social profiles mimicking legit SEBI-registered advisors. They offer “VIP” trading clubs, fake testimonials, and initial profits to gain trust.
Tactics Used by Scammers
- Impersonation of legitimate advisors with forged SEBI registration certificates and logos.
- Use of dormant apps repurposed into fake trading platforms to bypass app store scrutiny.
- Claims of exclusive insider information or guaranteed high returns as part of pump-and-dump schemes.
- Use of generic mobile numbers rather than the official “1600” series for SEBI-registered entities.
Verification and Protection Tips
- Always verify SEBI registration numbers of advisors via SEBI’s official site.
- Check if the app is listed by a SEBI-recognised exchange or broker.
- Review developer name, app reviews, and look for scam alerts online.
- Avoid direct fund transfers outside of SEBI-registered brokers or clearing corporations.
- Watch for red flags like grammatical errors, low-resolution certificates, and pressure to act quickly.
Practical Steps After Cyber Fraud
- Report cyber frauds at https://cybercrime.gov.in or to the local police.
- File a complaint on SEBI’s SCORES portal: https://scores.gov.in.
- Inform NSE or BSE to help track and warn about unregistered entities.
- Report suspicious numbers on the Sanchar Sathi portal/app.
- Immediately alert your bank/UPI provider to block transactions.
- Dial 1930 to initiate freezing of the recipient’s account.
