Zerodha CEO shares concern over online job frauds, tweets about similar case with friend

At a time when the cyber police continue to aware jobseekers of online job scams, multiple fraud cases of people especially techies are reported on a daily basis. The cases which have kept the cyber police on the edge show how people end up losing money in lakhs. Speaking of which, Zerodha CEO Nithin Kamath also recently shared an instance, narrating how one of his friends also lost around Rs 5,00,000 in a similar manner after falling prey to a part-time job fraud through WhatsApp. Taking to Twitter, Kamath in a series of tweets narrated the entire incident, further asserting the need to create more awareness about such scams.

Zerodha CEO shares incident of online job fraud

Beginning with a tweet that mentioned how someone he knows responded to a part-time job offer on WhatsApp as a result of which the victim was asked to leave fake reviews for resorts and restaurants in exchange for Rs 30,000 to his bank account. Next, the victim was added to a Telegram group with a few others for the next set of tasks which included trading on a mock crypto platform, following a bunch of rules.

“Profits generated were allowed to be withdrawn, even without transferring any real money,” the tweet added.

Kamath further said, “By the way, this wasn’t Bitcoin or Ethereum, but random crypto tokens whose prices fraudsters could easily manipulate. The group was now asked to transfer real money to generate higher returns. Others in the group claiming to transfer nudged my friend to do so as well.” He added that his friend went on to add more money under peer pressure from others who claimed to have made large transfers and profits.

The Zerodha CEO then shared how his friend tried to withdraw the money, but couldn’t as it required a certain number of trading. As a result of this, he ended up adding up to Rs 5 lakh and was left with no more money to add. It was then that the victim confided with his spouse who immediately realised the fraud and they reached out to the police for help.

According to Kamath’s tweet, the account which was provided to the victim appeared like a real crypto account with account balance, ledger, P&L, etc. However, it was fake and everything on it was manipulated, including the telegram group. The crypto price movements were also manipulated to lure in the victim.

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While concluding the series of tweets, Kamath emphasised how police share many cases where even well-educated people end up borrowing tens of lakhs and lose it in such sophisticated scams.

“Everyone is a target, and we need to create awareness. The important thing to remember is that there is no easy way to make a lot of money quickly,” he wrote.

In reaction to Kamath’s post, many users took to the comment section and shared how online job scams have become prevalent nowadays. Some also shared similar messages that they received from such fraudsters.

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