'Fake P&L reports, bank statements': Nithin Kamath spots THIS scam targeting Zerodha's customers

Zerodha's Nithin Kamath on Wednesday said his broking firm had spotted a scam targeting traders and investors using fake screenshots, profit & loss reports, and bank statements. In a detailed tweet, Kamath explained how the scammers were trying to dupe Zerodha customers by using genuine-looking fake screenshots.

The entrepreneur said a scammer created a fake Zerodha employee ID card and met one of the customers whom he had spotted online. The scammer told the customer that he had won an award from Zerodha.

Also Read: Nithin Kamath-led Zerodha Fund House launches its maiden funds. Here are the crucial details

"He tells our customer that if he transfers Rs 1.8 lakh as a registration fee, he will get back Rs 5 crore," Kamath said, adding that the scammer showed fake Zerodha bank statements with an account balance of Rs 10 crore across two banks to prove he had access to these accounts.

"Thankfully, this customer contacted us, but it is ridiculous that people fall for such scams," the Zerodha CEO said.  

Kamath, who keeps sharing information on safe investing, said there were now fake clone apps that scammers could use to create videos of profit and loss statements, ledgers, and other reports of trading platforms, and bank accounts.

He said these scams were 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".

Kamath advised people to question the authenticity of any document shown unless it was directly accessed from the source. "This problem of fakery will continue to get worse as AI tools become more accessible."

He then shared a video by Zing, a YouTube channel by Zerodha, that highlights how fake screenshots and fake videos of different windows of a trading platform (even bank accounts) can be created using Clone apps.

In June this year, Kamath talked about a scam in the name of FedEx, Blue Dart, and other courier companies. In this case, Kamath's colleague got a call from the scammer claiming to be from FedEx. The scammer said a parcel had been confiscated by the police because drugs were found in it. "Since he was expecting a courier from an e-commerce platform, he panicked," Kamath said.  

The person then got a video call from someone claiming to be the police and issued this official-looking letter. The scammers shared the bank details to transfer funds to release the package. "Since the fake police had his AADHAR number, this made the entire ordeal more convincing. This person panicked & transferred the money immediately," Kamath said.

The Zerodha CEO said that it can happen to anyone. In a situation like this, he said, the best thing is to say, "I will get my lawyer to speak to you; it doesn't matter even if you don't have a lawyer." "Most fraudsters prey on people who panic and react instinctively. Slowing down before reacting is the key."

Also Read: 'Roz ka issue hain': Traders slam tech glitches on Zerodha app second time in a week