Zerodha CEO Nithin Kamath warns about new scam targeting customers

As incidents of financial fraud continue to rise, Nithin Kamath, the founder and CEO of Zerodha, an online brokerage firm, has issued a warning to users regarding a new scam. Kamath revealed that scammers are now resorting to creating fake Zerodha employee credentials, making false promises of substantial returns.
In this specific scam, the fraudster goes as far as presenting a forged Zerodha employee ID card to a targeted customer, falsely claiming that they have been awarded by the company.To enhance the allure of the offer, the scammer persuades the victim to transfer Rs 1.8 lakh as a registration fee, promising a return of Rs 5 crore. To further gain the victim’s trust, the fraudster even provides them with fabricated Zerodha bank statements.
Kamath shared this in a post on X and asked the users to stay safe.

Read the full post here:
Scams involving fake screenshots, P&L reports, ID cards, bank statements, etc., have become a mega nuisance. We just spotted a new one.
A scammer created a fake Zerodha employee ID card and met our customer whom he had spotted online and said he had won an award from Zerodha. He tells our customer that if he transfers Rs 1.8 lakh as a registration fee, he will get back Rs 5 crore. He showed fake Zerodha bank statements with an account balance of Rs 10 crore across two banks to prove he had access to these accounts.
Thankfully, this customer contacted us, but it is ridiculous that people fall for such scams.
There are now fake clone apps that scammers can use to create videos of P&L statements, ledgers and other reports of trading platforms & bank accounts. Fake videos because they would seem more genuine than fake screenshots. We just published a Zing video on the topic (link in the comments).
These scams are increasing exponentially, and we need to use every opportunity to educate people around us to be suspicious of people claiming to be representatives of large companies and promising a lot of money. By default question the authenticity of any document shown unless it is directly accessed from the source.
This problem of fakery will continue to get worse as AI tools become more accessible.