Fraud Alert: Protect Yourself from Fake INDmoney Social Media Accounts

Recently, we’ve seen cases of individuals pretending to represent INDmoney. They use our name, logo, and details to trick people into transferring money with false promises. These scams happen across platforms like WhatsApp, Instagram, Facebook, Telegram, and even fake websites. In this article, we’ll show you how to identify these scams, report them, and stay safe.

Fraudulent Accounts and False Claims

These individuals have created fake accounts and groups with names designed to resemble the official INDmoney group. We have identified several such groups and individuals, but there could be many more. Stay vigilant and always verify before engaging.

Fake Groups Mimicking INDmoney

• A-74 Indmoney Private Limited Wealth Management
• A-42 Indmoney Private Limited Wealth Management Study Group
• C-337 Indmoney Private Limited
• C-412 Indmoney Private Limited wealth management study group
• C-413 INDmoney Private Limited
• VIP Stock Navigation
• VIP Wealth Prosperity
• Ravi Saraogi Indmoney Group Advisor
• Cheetah Plan: Ravi Saraogi (+91 9263650687), Mr. Jay Rajnikant Thacker (+91 6201424234) 
• IND MONEY CHEETAH PLAN 5

Individuals Involved in the Scam

• "Ravi Saraogi” claiming to be investment advisor from INDmoney through mobile number (+91 9263650687)
• “Jay Rajnikant Thacker” claiming to be chief analyst operating through mobile number (+91 6201424234), (+91 9241800172)
• “Rama Seth” claiming to be associate and operating through mobile number (+91 8149639485), (+91 7395978279), (+91 9039013212)
• “Rohan Metha” claiming to be associate and operating through mobile number  (+91 7028623614), (+91 7248918350), (+91 9557518452), (+91 7387794629), (+91 8149639485), (+91 903974482)
• Mr. Mayank Singh Chandel operating through mobile number (+91 8603043773) , (+91 8538981635)
• Armaan Goenka operating fake bank account to deposit money. Bank Name: Yes Bank, Account Number: 126452000002024, IFSC: Yesb0001264, Branch: Faridabad
   

How Do These Scams Work On WhatsApp & Telegram?

Scammers create fake accounts on social media platforms, pretending to represent INDmoney. They claim to offer financial advice as authorized representatives or promise to invest on your behalf. Their sole aim is to trick you into transferring money to their accounts. Here’s how these scams work:

1. You receive a WhatsApp or Telegram invite to join an exclusive group. The group appears legitimate, with authentic-looking names, profile pictures, and posts.
2. The group is filled with messages about huge profits from block trades, pre-IPO investments, and other “investment schemes”.
3. Daily screenshots and videos are shared, showing fake portfolio updates, massive returns, and testimonials that look convincing.
4. They send personalized messages offering stock tips and investment advice to make them seem like trusted experts.
5. They claim access to insider deals and exclusive trading opportunities, pressuring you to act quickly.
6. Scammers ask for sensitive details like your Aadhaar number, PAN card, or bank information under the guise of “verification.”
7. They demand you transfer money as a “processing fee” to access these lucrative investments.
8. If you attempt to withdraw your “profits,” they request additional payments, calling it a “service fee.”
9. By the time you realize it’s a scam, the scammers have disappeared with your money.

Real Example Of Such Scam On WhatsApp/Telegram

How Do These Scams Work On Social Media & YouTube?

Scammers are using platforms like YouTube and social media to pose as INDmoney representatives and trick people. Here’s how they work:

1. They create YouTube channels and social media accounts using INDmoney’s logo, or pose as an INDmoney representative.
2. These scammers post videos or content claiming to teach investment strategies or financial tips. They include fake success stories, testimonials, and portfolio screenshots to make you believe they’re genuine.
3. They promise very high returns by offering “fast trading accounts” that they claim are different from INDmoney’s official services.
4. After building trust with social media messages or content, scammers will direct you to download their fake INDmoney app. This is designed to make the scam appear genuine and mimic the real INDmoney experience.
5. They ask for sensitive details like your Aadhaar, PAN, or bank account information, saying it’s needed to set up the account.

Real Example Of Such Scams

How To Identify These Scams?

Example Of Recent Fraud Case Targeting Investors

A recent case has come to our attention where an individual was scammed by posing as INDmoney representatives. Here’s how the scam unfolded:

1. On 15th September 2024, Rama Seth (+91 8926125604), posing as an assistant to a certified financial expert, Rohan Mehta, approached this individual. She invited him to join a fraudulent investment group, "Wealth Prosperity," and provided her personal contact number (+91 7842791043) for further communication.

2. Another impersonator, Armaan Geonka, claiming to be INDmoney’s finance head and an account opening expert, deceived him into opening a "Main Account" - a fake high-privilege INDmoney account. To make this fraud appear legitimate, the scammers misused INDmoney’s SEBI registration number (INZ000305337) to build trust.

3. The victim was sent a false link, which led to an app mimicking INDmoney. He was then asked to provide personal details, including:

• PAN Card
• Aadhaar Number
• Photographs

4. On 12th January 2025, the scammers offered the victim an opportunity to buy Laxmi Dental IPO shares at half price. Trusting them, he deposited ₹3,00,000 into his account on the fake app.

5. The fraudsters later "allotted" 7,200 shares at ₹210 per share, totaling ₹15,12,000. When he refused the allotment and requested a refund, they denied his request and pressured him to pay the remaining amount or risk losing his ₹3 lakh deposit. Under coercion, he was forced to take a fraudulent loan of ₹9,00,000 on 20th January 2025, falsely issued by "IndMoney Pvt. Ltd. (Main)" under the fabricated authority of finance officer Vinay Saraf using SEBI registration number.

6. On 23rd January 2025, after selling the shares through the fake app, the individual requested the loan repayment, but the scammers refused to deduct the amount from his demat account. Instead, they demanded a bank transfer and threatened to block all funds in his account if he failed to comply.

This case highlights the growing danger of online financial scams. Always verify any investment opportunity directly through INDmoney’s official channels and never trust external links or unauthorized apps. 

How To Protect Yourself From These Fake Accounts & Scams?

At INDmoney, your trust and security are our top priorities. It’s important to note:

• INDmoney does not operate any private WhatsApp groups for investments, stock recommendations, or exclusive schemes.
• INDmoney will never offer assured or guaranteed return schemes under any circumstances.

To protect yourself from these fake accounts and scammers, always verify that you are interacting with genuine INDmoney accounts. This includes checking official communication channels and avoiding unsolicited messages or groups promising high returns. Here's how to identify real INDmoney accounts online.

How To Report Fake INDmoney Accounts?

If you ever come across fraudulent activities or suspicious messages claiming to be from INDmoney, follow these steps immediately to protect yourself:

• Cease all interactions with the scammer immediately. Do not transfer any money or share any personal information, even if the message seems urgent or legitimate.
• Email us at reportfraud@indmoney.com with details of the scam, including screenshots or any other evidence.
• Call the Cybercrime Helpline at 1930 to report the scam and seek immediate assistance. This service is available nationwide and is equipped to handle fraud cases.
• Submit a complaint on the official cybercrime portal at cybercrime.gov.in. Ensure you include all relevant details, such as the scammer’s contact information, messages, and any other supporting evidence.

Stay Informed & Be Cautious

At INDmoney, protecting your financial well-being is our utmost priority. While we strive to maintain the highest security standards, it is crucial to remain vigilant against fraudulent schemes and unauthorized accounts misusing our name. By staying alert and informed, you can protect yourself from scams. We encourage you to take a moment to double-check before making any investment.