Lately there has been an increase in impostors reaching out to investors and soliciting money claiming to be a Registered Investment Advisor (RIA) These people go missing once money is given to them incurring financial loss and mental trauma to investors.
It is extremely important to take precautions and ensure that you are dealing with a genuine SEBI Registered Investment Adviser (and not a fraudster or an unregistered person).
Few modus operandi being used by these people are listed below, though this is no way a compressive list. Please do your due diligence of such invitations before you take any decision.
They create profiles on social media platforms such as Twitter, Telegram, Instagram and Facebook and post snapshots of good performance on these platforms and lure investors with unrealistic profits.
Reach out to investors over phone, email, or any other mode claiming to be Registered Investment Advisors (RIA).
They also take the trouble of creating fake profiles of popular SEBI registered Analysts/Advisers on social media platforms. There has been instances where fake mobile apps have been created too. The look of the
profiles and platforms look very similar to the ones who are registered with SEBI.
The details of all SEBI registered Investment advisors are available on the website of SEBI, so please check. You can follow this link.
https://www.sebi.gov.in/sebiweb/other/OtherAction.do?doRecognisedFpi=yes&intmI d=13)