Wednesday, Apr 30 2025 | Time 23:28 Hrs(IST)
Business EconomyPosted at: Apr 30 2025 6:24PM


Nithin Kamath warns of WhatsApp scam using Zerodha's name

Bengaluru, Apr 30 (UNI) Zerodha co-founder and CEO Nithin Kamath on Wednesday raised alarm over a growing WhatsApp-based investment scam that has allegedly duped thousands of unsuspecting investors by impersonating officials of his firm.
In a detailed post on X, Kamath explained the modus operandi of the scam, which involves fraudsters creating WhatsApp groups with names like 'Zerodha Elite Traders' or 'Premium Investors Club', using Zerodha’s branding and even fake SEBI registration numbers to appear credible.
"Within hours, these groups are filled with screenshots showing 100–200% intraday returns and glowing testimonials — all fabricated," Kamath said, warning that the names and photos of Zerodha staff, including himself and his brother Nikhil Kamath, are being misused to lure victims.
The scam escalates when the group admins start selling so-called 'premium signals' and direct users to a counterfeit trading app designed to mimic Zerodha's Kite platform. Once money is deposited, users see fake profits on the dashboard. However, attempts to withdraw these supposed gains are met with demands for additional payments in the form of processing fees, taxes, and verification charges — following which the scammers disappear, Kamath explained.
Zerodha has reiterated that it does not offer stock tips, investment advice, or operate any trading signal groups on WhatsApp or Telegram. "All official communication from us comes only through verified channels," Kamath stressed, urging users to stay vigilant and spread awareness.
Several complaints regarding such scams have surfaced in recent months, prompting calls for stricter regulation of messaging platforms and stronger cybercrime enforcement.
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