Beware! Cybercriminals Impersonate Zerodha on WhatsApp & Telegram to Scam Investors—Here's How to Stay Safe

Scammers Use Fake Zerodha Accounts to Trap Investors via WhatsApp & Telegram Groups: Protect Your Money With These Tips

Online frauds are evolving faster than ever, and the latest target of cybercriminals is unsuspecting investors using platforms like WhatsApp, Telegram, and Instagram. Fraudsters are now impersonating trusted stock trading platforms such as Zerodha, luring people into fake investment schemes that promise high returns. The alarming rise in such scams has prompted authorities and companies to issue safety alerts.

How the Scam Works

The modus operandi is simple but deceptive. Scammers first contact potential victims through social media platforms like WhatsApp or Telegram, often posing as professional traders or investment advisors linked with Zerodha. They then add these victims to large investment groups filled with fake participants and fabricated success stories.

Initially, the scamsters show minor profits to gain the investor’s trust. Once that trust is established, they convince the victim to invest larger sums. When the victim tries to withdraw profits, they are told to pay hefty taxes or platform fees before receiving the money — which never comes.

Real-Life Case: Investor Loses ₹72.55 Lakh

A shocking incident from Hyderabad illustrates the scale of the fraud. A local investor lost over ₹72.55 lakh to cybercriminals pretending to be Zerodha representatives. The scammers, named Hanan Delvi and Ishita Paul, first approached the victim via WhatsApp and directed him to install a fake trading app that mimicked the official Zerodha Kite app.

Between April 30 and May 26, the victim transferred lakhs of rupees to the scamsters’ bank accounts. To appear genuine, the fraudsters even deposited ₹1.73 lakh into his account, calling it trading profit. Later, when he attempted to withdraw ₹15 lakh, he was told that ₹2.19 crore was available in his account — but only if he paid ₹43.93 lakh as tax. Realizing the deception, the victim visited the actual Zerodha office, only to learn he had been duped.

Fraudsters Create Look-Alike Kite App

One of the more disturbing elements of the scam is the creation of a fake Kite app that closely resembles the official Zerodha trading app. Users deposit money into what appears to be a legitimate trading account, only to find out later that the profits shown are entirely fake. The funds are never actually invested in the stock market but go directly into scammer-controlled accounts.

Government and Zerodha Warn Users

The Ministry of Home Affairs, along with Zerodha, has issued warnings via social media. Zerodha has specifically named two recurring scammers — Jai Kumar Verma and Ishita Paul — who are allegedly involved in several cases. They infiltrate WhatsApp groups, share fake trading screenshots showing 20–30% daily profits, and claim to be elite Zerodha affiliates.

These scams are not isolated to Zerodha’s name. Fraudsters are also misusing the identities of other well-known trading platforms. Hence, the danger is widespread and demands greater awareness.

How to Protect Yourself from Such Scams

Follow these essential steps to avoid becoming the next victim:

Restrict Group Invites on WhatsApp

• Go to WhatsApp > Settings > Privacy > Groups

• Choose "My Contacts" or "My Contacts Except…"

• This prevents unknown users from adding you to suspicious groups.

Stay Alert to Red Flags

• Avoid groups or individuals promising “guaranteed returns.”

• Be skeptical of anyone claiming to be a trading expert or associated with Zerodha unless verified via their official website.

• Do not send money to personal bank accounts.

• Never install trading apps or click links sent by unverified sources.

Report Suspicious Activity

• Inform your local cybercrime authorities.

• Report fraudulent accounts on the platform they contacted you through.

Final Thoughts

Cybercriminals are getting smarter, using familiar names and convincing tactics to rob people of their hard-earned money. Investors, especially first-timers eager for quick returns, must exercise caution. No legitimate platform will promise sky-high returns or ask you to deposit money into a personal account.

Zerodha has taken down several fake websites and issued repeated alerts, but users must also take responsibility for their online safety. Stay informed, stay skeptical, and never fall for get-rich-quick schemes — your lifetime savings could be at stake.