Bharat Express

Zerodha CEO Nithin Kamath’s Friend Gets Scammed And Loses Rs 5 Lakh

Zerodha CEO Nithin Kamath’s friend falls prey to meticulously planned cyber crime and loses Rs 5 lakh.

Several cases of fraud involving people seeking jobs are reported quite frequently. Amidst consistent warnings by the cyber police, several people fall prey to meticulously planned scams. Speaking of, Zerodha CEO Nithin Kamath shared a similar instance about one of his acquaintances who lost a whopping amount of Rs 5 Lakh as a result of part-time job fraud. Taking to Twitter, Kamath dropped a series of posts in which he articulated the entire incident. While concluding the post he asserted the need to be more aware of such scams and remember that there are no simple ways to make a lot of money quickly.

The CEO initiated his post by mentioning how someone he knows got scammed and lost money. “It started with a response to a part-time job offer on WhatsApp. The first few tasks were about leaving fake reviews for resorts & restaurants in random places like Peru. ~Rs 30k was transferred to the bank for the tasks completed,” he penned.

Following the aforementioned, he revealed that a group was created on Telegram where other members also claimed to do these tasks. “The next task for the group was to trade on a mock crypto platform, following a bunch of rules. Profits generated were allowed to be withdrawn, even without transferring any real money.”  Kamath explained that it was neither Bitcoin nor Ethereum. It was random crypto tokens that facilitated fraudsters to manipulate its price.

The group was then told to transfer real money in order to generate higher returns. Kamath’s friend ended up adding more money due to peer pressure from others who claimed that they generated high profits by making large transfers. He tried to withdraw the money but failed as a certain number of traders were required to do so. “The fear of being unable to withdraw the money took over, and more money was added to the trade. This amounted to Rs 5 lakh, a large amount for any person.” After confiding in his spouse who realized the fraud, they reached out to the police for help.

Take a look at the Tweet:

As per the Zerodha CEO, the account given to the victim looked exactly like a real crypto account, complete with ledger, P&L, and account balance. However, it was a fake, and everything on it—including the Telegram group—was manipulated. The fluctuations in cryptocurrency prices were also controlled to seduce the victim.

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