Whatever Shines Is Not Gold: Nilesh Shah Of Kotak AMC Shares List Of Financial Frauds

Nilesh Shah, the managing director of Kotak Asset Management Company (AMC), has issued a timely warning to the public about the increasing prevalence of financial scams. With fraudulent schemes becoming more sophisticated, Shah has compiled a list of 10 common tricks used by scammers to deceive individuals, urging people to stay alert and protect their personal and financial information.

Top 10 Scams to Be Aware Of

TRAI Phone Scam
Scammers impersonate telecom regulators, threatening to suspend mobile services due to alleged illegal activity or KYC non-compliance.
Reality: The Telecom Regulatory Authority of India (TRAI) has no authority to suspend services; only telecom companies can take such actions.

Parcel Stuck at Customs
Fraudsters claim that a parcel addressed to you has been flagged at customs for containing illegal goods and demand a fine to release it.
Action: Always disconnect and report suspicious numbers to the authorities.

Digital Arrest Scam
Scammers impersonate police officers, threatening to arrest you online for fabricated criminal activities.
Reality: No police department conducts digital arrests or online interrogations.

Family Member Arrested Scam
Scammers claim that a relative has been arrested and urgently demand money for bail.
Action: Always verify with family members before taking any financial steps.

Get Rich Quick Trading Scheme
Social media ads promising high returns on stock investments lure individuals into scams.
Reality: Any scheme offering “too good to be true” returns is likely a fraud.

Easy Online Jobs for Big Rewards
Scammers advertise simple online tasks with high pay but later ask for an upfront investment or security deposit.
Reality: No legitimate job requires an initial deposit or investment.

Lottery Win Scam
You receive an email or SMS claiming you've won a lottery and are asked to provide sensitive personal details or a deposit to claim your prize.
Action: Ignore or delete such messages immediately.

Mistaken Money Transfer
Scammers claim that an incorrect money transfer has been made to your account and demand a refund.
Action: Verify all transactions directly with your bank before taking any action.

KYC Expiration Scam
Fraudsters call or send messages asking you to update your KYC details through links or phone calls.
Reality: Banks do not request KYC updates through unsolicited calls or links.

Generous Tax Refund Scam
Fraudulent tax officials contact you, claiming you're entitled to a tax refund and asking for your bank account details.
Reality: The tax department already has your banking details and will never ask for such information via email or phone.