Zerodha’s founder Nithin Kamath has warned investors of a new scam from China where fraudsters mimick websites of Indian brokerages to dupe people.
"After the Chinese loan apps scam, the latest scam from actors in China and other Asian countries is phishing websites. Fraudsters are creating hundreds of websites and trading apps that look similar to the websites of Indian brokers," Kamath posted on X.
"Unwitting users who click on the app download links, etc., will be prompted to download the fake app. The goal is to get people to transfer money by taking advantage of their familiarity with these apps," he added, adding that the latest was among the hundreds of international scams that have exploded in the last few years.
India has banned over 100 Chinese-operated investment scam websites that have been preying on Indian citizens.
These websites were found to be intricately linked to multiple bank accounts, with funds being transferred between accounts to confound investigating agencies. The money was converted into cryptocurrency to further obfuscate the trail.