Sharekhan files complaint after fraudsters create fake platforms to deceive investors, FIR filed

In the complaint, the AVP stated that the main business of the company is to provide a platform for investors to buy and sell shares, stocks and other securities. The company provides both online and offline trading facilities, and its business spans all over India with more than 130 branches and over 31 lakhs customers.

In April 2024, the company was alerted by its investors that a website and mobile application similar to Sharekhan Limited were in operation. The name of the fraudulent platform was http://www.sherkhan-max.com. The company officials subsequently learned that a WhatsApp group had been created in the name of F-44-Sharekhan Capital Group, which was being used to mislead and dupe the investors and the general public under the pretext of investment opportunities.

“The firm later discovered that there were 11 other WhatsApp groups. As a result, officials from the company investigated the matter, and it came to light that the logo, design, colour, font, office address, registration number, names of officers, contact numbers and all other content on the fake website and mobile app were identical to the original company’s website,” a senior police officer said.

These scammers allegedly convinced people to invest money into what they believed was Sharekhan’s platform, the police said.

The company officials then began alerting their customers and the public about the fraudulent website and mobile application. They also contacted the Computer Emergency Response Team (CERT-IN), Ministry of Electronics and Information Technology, Government of India, and the Securities and Exchange Board of India (SEBI) to inform them about the incident.

The complainant further stated that despite the warnings, Sharekhan Limited continued to receive complaints from investors who had already fallen victim to the scam. As a result, they approached the Shivaji Park police station and lodged a formal complaint.

Senior police inspector Vilas Datir of Shivaji Park police station confirmed the development and said that they are trying to trace the culprits in the case.

When The Indian Express reached out for a comment, a spokesperson for Mirae Asset Sharekhan said, “We have been taking all possible actions against such impersonation frauds happening using our brand name on a fake app/website and using images of our leadership and research personnel on social media chat groups.”

In response to the email, the spokesperson also added that actions to take down the fraudulent apps have already been taken, in addition to informing its customers through regular social media posts, mailers, a blog article explaining how to identify the legitimate communication channels of Mirae Asset Sharekhan, and print ads advising caution.