Zerodha's Nithin Kamath warns of a new scam originating from China, where fraudsters create phishing websites mimicking Indian brokerage platforms.
Users are deceived into downloading fake apps, aiming to extract money under the guise of familiar trading platforms. India has banned over 100 Chinese-operated scam websites linked to multiple bank accounts, complicating investigations.
Funds are shuffled between accounts and converted into cryptocurrency to obscure the trail. Kamath's alert underscores the proliferation of international scams in recent years, emphasizing vigilance against sophisticated tactics exploiting trust in financial platforms.