Zerodha's CEO Nithin Kamath Warned against scam

Zerodha's CEO and Founder, Nithin Kamath, warned people about a scam where someone acted as a Zerodha employee and defrauded crores for a client. The fraudster approached a customer and promised him to unreveal the reward waiting. CEO said that Customer Thankfully, this customer contacted us,

The Founder wrote in his post “He tells our customer that if he transfers Rs 1.8 lakh as a registration fee, he will get back Rs 5 crore. He showed fake Zerodha bank statements with an account balance of Rs 10 crore across two banks to prove he had access to these accounts”.

CEO also warned people against fake clone apps that fraudsuasters use. He stated that “There are now fake clone apps that scammers can use to create videos of P&L statements, ledgers and other reports of trading platforms & bank accounts. Fake videos because they would seem more genuine than fake screenshots” .

“These scams are increasing exponentially, and we need to use every opportunity to educate people around us to be suspicious of people claiming to be representatives of large companies and promising a lot of money”. He Added.

About Zerodha

Zerodha is an Indian financial service company, member of NSE, BSE, MCX, MCX-SX that offers retail and institutional broking, currencies and commodities trading, mutual funds, and bonds. Founded in 2010, it is known for its discount pricing model and innovative use of technology. The company claims to be “India's first discount brokerage” having debuted the “discount broking” model in India that is popular in developed markets. The chain reaction started by Zerodha's technology and pricing models has shaped the Indian broking industry into its current form.

Install the WikiFX app on your smartphone to stay updated with the latest news of Forex. WikiFX is a global forex broker regulatory enquiry platform that has investigated and reviewed more than 40,000 brokers, collaborating with more than 30 national regulators. To learn more about the security and reliability of your chosen brokers, visit www.wikifx.com or download our free app from Google Play or app store.