The Delhi High Court has mandated major social media platforms, including Telegram, WhatsApp, and YouTube, to dismantle accounts linked to a mobile number accused of impersonating venture capital firms, Peak XV Partners and Sequoia Capital.
This directive follows revelations of a Ponzi scheme that swindled investors, with some reporting losses up to INR 30 lakh, according to a report by The Economic Times.
The scam came to light after Peak XV Partners, a spin-off of American venture firm Sequoia Capital and a key investor in notable startups like Razorpay, warned the public through their social media handles on 28 December.
The scammers reportedly engaged victims through webinars, stock tips, and investment suggestions, later directing them to their websites and persuading them to download questionable apps for further ‘investment advice’.
Communication would abruptly end once significant investments were made or suspicion arose, leaving the victims stranded.
The fraudsters, under the guise of ‘Pak XV’, mimicked Peak XV’s branding and unlawfully used the names of senior executives.
They replicated this tactic with the Sequoia Capital brand, creating fake groups on WhatsApp and Telegram to lure investors with bogus investment opportunities, exploiting the firms’ established trust in the market.
In response, the Delhi High Court, issued several directives to curb these scammers on 24 January. IndusInd Bank was ordered to freeze the payment ID associated with these transactions.
Meanwhile, Bharti Airtel, the telecom service provider for the implicated mobile number, was instructed to deactivate it.
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- Source: https://fintechnews.sg/84323/fintech-india/delhi-high-court-cracks-down-on-accounts-impersonating-peak-xv-sequoia-capital/
