According to Kamath, these scams work by inducing investors to trade and make them think what to do money It’s easy.
“So first, you are added to WhatsApp Groups “And then they ask you to install fake trading apps that look exactly like the ones from major brokers. On the first few trades, you will make money. This is designed to convince you that you can make a lot of money,” he said.
Kamath, known for his educational posts on all things finance, further noted that users will then be asked to transfer money to trade.
“But when you try to withdraw, they first ask you to pay fees, taxes, etc. After some time, the entire group and the people in it disappear,” he said. “The surprising thing is that even smart, sensible, and educated people fall for these scams. Always remember that if something is too good to be true, it almost always is. It is important to be skeptical of claims of easy money,” Kamath added. In the recent past, the Kamath brothers have alerted users about multiple scams that have been a threat to investors. Earlier, Zerodha co-founder Nikhil Kamath raised the issue in social networks about WhatsApp groups that give stock recommendations.(Disclaimer: The recommendations, suggestions, views and opinions of the experts are their own and do not represent the views of the Economic Times)
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