Capitalmind CEO and founder Deepak Shenoy has issued a warning to investors, alerting them about fraudsters using his name and photo to scam people through fake WhatsApp and Telegram groups offering stock tips. “Please be aware that some frauds are trying to use my name/photo to scam people. I have no WhatsApp or Telegram groups of any sort for ‘tips’. Beware and report such accounts for fraud and impersonation,” he wrote on X.
Shenoy's posted a screenshot of a message, which reads: "I created a WhatsApp group with my stock teacher. Our analysts analyze 100% profitable stocks and free stock market insider information every week. It is free for now. If you want to join for free, please answer two simple questions."
Recently, market veteran Vijay Kedia exposed a fake video where a lookalike of him recommended three stocks with promises of 20x returns in a month. The deepfake video, which was flagged by a user on X, featured a man speaking in Kedia’s voice and appearance, urging investors to join his channel for "free" stock tips.
Calling the video an outright scam, Kedia wrote, “Someone made a fake video of me advising shares. The face is mine, the voice is mine… but suddenly, I sound like I studied in Oxford and grew up in New York! If you ever hear me speaking perfect English with a Western accent, just know—it’s not me. Beware of fake videos—verify before you trust, or your money might end up in the wrong hands.”
In June 2024, former RBI Governor Raghuram Rajan also raised concerns about deepfake videos impersonating him to promote investment advice and individual stocks.
In a LinkedIn post, Rajan clarified that he does not provide investment advice to the public and has never promoted any specific stocks. “I understand there are videos of me on various social media purporting to give advice on investing, especially in individual stocks. These are fake and the perpetrators should be reported to the relevant authorities,” he wrote.
Rajan advised investors to be cautious and avoid speculative stock buying. “Investors are typically better off holding diversified portfolios of bank deposits, bonds, and stocks (through mutual funds and ETFs) rather than buying individual stocks or stock options,” he added.
With deepfake scams and impersonation tactics on the rise, experts are urging investors to verify all financial advice and report fraudulent activities.