Kotak Mutual Fund scams on the rise, company warns: How to spot fake Telegram groups IG News

Fraudulent Telegram groups are on the rise, scamming users based on everything from gaming hacks to cryptocurrency scams. A new threat has now emerged in the form of fake Telegram groups aimed at luring investors into scams in the guise of mutual funds. In a press statement, Kotak Mahindra Bank has warned users against falling prey to such fraudulent groups. Such Telegram groups often promise huge returns to attract users and their money, which is not true.

The press statement read, “Kotak Mutual Fund would like to caution all its investors, partners and the public at large about fake Telegram and social media groups and communities promising huge amounts of returns on their investments.” Huh.”

The group in question, masquerading as the official group, misused the name and logo of Kotak Mutual Fund as well as the identity of its spokesperson to “mislead” investors.

Kotak Mutual Fund operates on Telegram, but has only one official Telegram handle (https://t.me/kotakmutualfund). The official group also does not promise or mislead the investors in any form. Keep in mind that all mutual fund investments are subject to market risks and hence, returns on investment of any particular amount may not be guaranteed. Investors participating in Mutual Funds should carefully read all the documents related to the scheme before investing, which these fraud groups will not have.

How to identify fraudulent groups?

Recognizing such fake groups becomes quite easy if you keep a few key points in mind. Fake groups will not talk about policies and rules and regulations. Instead they will focus on numbers and make absurd growth claims to attract unsuspecting users.

Phrases like ‘invest X amount and get Y returns’ and messages containing more emojis and animated GIFs are also common signs of scam groups.

Here’s an example of the kind of messages and other elements you’ll see on these hoax groups. (Express photo)

As you can see in the images above, these groups are also full of screenshots and user testimonial videos meant to ‘convince’ users about their legitimacy. The username of such groups can also be an easy tell whether the group is fake or not.

Another way to ensure that you are not being taken for a ride is to check the official bank website and see if such claims and investments are also available on the website. You will realize that the official website of Kotak would never claim such unbelievable returns. Or you can also find an official helpline number for Kotak and contact them for further clarification.

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