SEBI widens scam probe via SMS, Whatsapp

Capital market regulator SEBI has widened its probe into suspected investment scams through mobile SMS and WhatsApp messages, wherein investors are lured into promise of huge returns after initial payments.

Two individuals – Mansoor Rafiq Khanda and Firoz Rafiq Khanda – were restrained by the watchdog from acting as investment advisors after they were allegedly found offering unauthorised ‘trading tips’ through Short Message Service (SMS) and WhatsApp messages via mobile phones.

SEBI has ordered further probe into the scam after it noted that the “modus operandi” of these two individuals as well as names of the operators in the instant case are similar to the case of Imtiyaz Hanif Khanda and Vali Mamad Habib Ghaniwala, in which case the regulator had passed restraint orders in August 2013 and December 2013.


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