Kolkata Police has issued a stern public warning following a surge in sophisticated online investment scams where fraudsters are impersonating top financial regulators to dupe citizens. The cybercriminals are illegally using the names and official logos of the Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) to lend credibility to their schemes, targeting Kolkatans across multiple digital platforms.
How the Elaborate Scam Operates
According to police officials, these fraudsters are exploiting the reach of popular social media and messaging apps to find their victims. Their operations span widely used services including YouTube, Facebook, Instagram, X (formerly Twitter), WhatsApp, Telegram, and even official app stores like Google Play Store and Apple App Store. The scammers create fake profiles that often portray them as market experts, Sebi-registered intermediaries, or even well-known public figures and CEOs of established companies.
The modus operandi involves sending unsolicited messages or invitations to potential victims, gaining their trust with promises of high returns. They often share fake testimonials from other group members who are actually part of the scam, showcasing huge but entirely fabricated profits. Once confidence is established, investors are tricked into transferring funds directly to bank accounts controlled by these entities.
Recent Cases and Crore-Losses in Kolkata
The police warning comes in the wake of several high-value fraud cases reported in the city over recent weeks. In one shocking instance, a 57-year-old resident of Salt Lake lost a staggering Rs 1.8 crore after he was forwarded a counterfeit investment certificate bearing a fake Sebi stamp. In another case, a resident of south Kolkata was defrauded of Rs 27 lakh through a similar deception tactic.
"A thorough background check is required before investing. No investment should be made hurriedly and without proper verification," a Kolkata Police officer emphasized, urging citizens to exercise extreme caution.
Sebi's Previous Warning and Safety Guidelines
Market regulator Sebi itself had flagged this alarming trend last year. It noted that the rise of social media has been exploited by unscrupulous entities to entice and deceive gullible investors in the securities market. The regulatory body outlined that these fraudsters use strategies specifically designed to build false confidence.
Sebi has issued clear guidelines for investors to stay safe:
- Do not trust unsolicited messages from unverified individuals or entities.
- Refrain from joining investment-oriented WhatsApp groups or online communities promoted through such messages.
- Always deal only with Sebi-registered intermediaries and use authentic, verified trading applications.
- Before investing any money, verify the registration status of the entity directly on the official Sebi website.
The overarching message from both Sebi and the Kolkata Police is clear: vigilance is the best defense. Citizens must not blindly believe any investment opportunity forwarded in the name of regulatory bodies, no matter how official it may appear. Any offer promising unusually high returns with little risk should be treated as a major red flag, necessitating immediate and thorough independent verification.
