Fake Zerodha Scam Is Costing People Lakhs: Brokerage Warns | Video

Zerodha posted a cautionary video on ir YouTube channel, raising awareness about a scam using ir company's name. video dwelled in detail on entire framework of scammers, while issuing a note of caution for everyone who uses digital platforms.

Modus Operandi Of Scammers

scammers will d person to a WhatsApp group with Zerodha founders Nikhil Kamath, Nithin Kamath and COO Venu Mhav, among ors. Just as you are about to digest dition to group, a video message pops up, where a young woman confidently announces she is part of Zerodha Securities. It looks official with Zerodha logo in background, crisp and clear. She promises an investment plan to group exclusively with plum returns.

To invest you need to create an institutional account with Zerodha, and re is paperwork, all with Zerodha company seal. returns are clearly outlined in document.

To begin process y ask for a direct deposit into a specific bank account as a part of set-up. y even show a circular from SEBI to prove ir legitimacy. To concretise transaction y will also share a fake Zerodha app that will look legit. Once you invest you will see your balance increasing, returns look great.
y encourage you to d more funds, promising an even better returns.  

When you deicide to withdraw money, a message pops up asking for a service fee for withdrawal process. y keep delaying by asking for more fees as one more step, until person realizes y have been scammed.

This is a scam prevalent across financial institutions and banks, not just Zaerodha.

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