NSE warns about another Whatsapp group scam:’Lazard Asset Management India

The National Stock Exchange (NSE) has issued a warning to investors regarding a fraudulent entity operating under the name “Lazard Asset Management India.” This entity has been identified as part of a WhatsApp group called “JO HAMBRO,” which is luring investors with promises of discounted stock purchases after market hours.

Key Points:

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  WhatsApp Group Scam: A WhatsApp group named “JO HAMBRO” is enticing retail investors with promises of discounted stock prices after market hours.
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  False Representation: The group is falsely claiming to be associated with Lazard Asset Management India, a registered stock broker with Sebi
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  Forged Registration Certificate: The group is using a fabricated SEBI registration certificate to deceive investors.
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  Investment Scam: Investors are being lured into investing in a “Seat Trading Account” through this fraudulent scheme.
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  Investor Alert: The NSE has cautioned investors against dealing with this unauthorized entity and advised them to verify the credentials of any financial entity before engaging in transactions.

“We wish to clarify that no entity by the name of Lazzard Asset Management India is registered with SEBI as a stock broker. The forged SEBI registration certificate circulated in the WhatsApp group is entirely fabricated and illegitimate,” NSE said in a release.

Here are some of the most common tactics used by scammers:

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  The “Inside Tip” Scam: Scammers claim to have exclusive information about a stock that is about to rise dramatically. This is often a false claim designed to lure victims into making impulsive investments.
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  The “Guaranteed Returns” Scam: Scammers promise unrealistic and guaranteed returns on investments, often using high-pressure tactics to persuade victims.
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  The “Fake Expert” Scam: Scammers pose as financial experts or gurus, creating a false sense of authority and credibility. They may even establish WhatsApp groups to share “tips” and build trust.
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  The “Pressure to Act Now” Scam: Scammers create a sense of urgency, urging victims to make immediate investment decisions without proper research.
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  Pump-and-Dump Schemes: Scammers promote low-priced stocks to artificially inflate their value, then sell their shares before the price crashes.
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  Ponzi Schemes: These scams promise high returns with little to no risk, but rely on new investors to pay off existing investors.
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  Cryptocurrency Scams: Scammers promote fraudulent cryptocurrency investment opportunities or offer fake trading platforms.

Phishing Scams: