Fraudulent Scams: In name of Dhan Finance and impersonating of Dhan, its executives and associate entities

Business News & Trends
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Dear All,

Few months back, we alerted our users about Fraudulent Scams that are conducted in the name of Stock Brokers and while we did so, we also issued notices regarding the same in national newspapers to create awareness about such scams.

Lately, we have seen these scams come up again and we have noticed they have improved on their techniques to scam people as a result of which we have seen more complaints brought up to our notice. Dhan has taken swift and necessary actions to address such fraudulent activities and has duly informed the relevant regulatory authorities including filing of complaints with Cyber Crime officials and issuing take-down notices.

Based on the nature of the complaints we have received, we are further elaborating this for creating awareness on techniques and methods used by such scamsters to dupe unsuspecting individuals which has resulted in losses to some of them.

Name of Entities used by Fruadsters:

We have been informed that these unknown scamters are conducting fraudulent activities by using names of entities / individuals claiming to be representatives of Dhan, Upsurge, Raise of its associate entities. These fraudsters misuse the name, logo, and employee identities of Dhan and its Group to deceive the public, promising unrealistic returns on investments.

Some of the fraudulent entity names that we have comes across are Dhan Finance, Dhan Raise Securities, Dhan Finalnce, Dhan Finance Management Company, Dhan Raise Securities Learning, Dhan Raise Elite Recruitment and Learning Syndicate, Dhan-Raise Pyramid programme, Dhan Securities charity, Dhan PPA account, DHANINIA, B2 Upsurge and many such fake names. They are also creating fake rubber stamps of the company and are also using the Dhan logo along with names and photos of our top level executives and employees.

Some of the tactics used by these fraudsters include:

  • Promoting cloned versions of Dhan app where they show fake investment growth and then block withdrawals.
  • Communicating via WhatsApp and Telegram groups for such schemes
  • Seeking funds for guaranteed IPO pre-placements and placements.
  • Seeking funds for investments and claiming to do investments in stocks on upper circuits.
  • Seeking funds for guaranteed returns from Stock Markets via floating non-existing funds or entities.
  • Seeking funds for pyramid schemes.
  • Impersonating names and photographs of Dhan’s top executives and employees
  • Using fake SEBI / RBI or such Regulatory / Government certificates to appear legitimate.
  • Creating fake websites and organising events under Dhan’s name to scam people.
  • Charging processing fees for loans that don’t exist.
  • Requesting KYC details via fake forms bearing our name and logo
  • Creating fake WhatsApp/Telegram groups for trading tips.

Please note that Dhan and its Group / Associate companies have no connection to these fraudsters and do not offer such payment, lending, guaranteed investment schemes or any investment advisory services. Any engagement with these entities poses a risk of financial loss, and Dhan will not be able to help you recover money lost in such scams. At the max, Dhan teams can only assist in reporting such scams to CyberCrime authorities.

We urge the public to exercise caution and verify any communication claiming to involve Dhan or its group/associate entities. For verification, refer to our official website and social media channels listed below:

Should you encounter any suspicious circumstances regarding the authenticity of any Dhan web / app or channels of communication, please do not hesitate to contact us at help@dhan.co or grievance@dhan.co, or reach out to us via phone at +91.9987761000.

Thank you for your attention to this matter, and we appreciate your continued trust and support.
Pravin

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@PravinJ
I was also surprise to see some questionable ‘gurus’ on Upsurge website… One of them being this. So many people have questioned his trading tips on YouTube and yet this website Upsurge is putting him up as one of the course providers. I am not sure whether that Upsurge website is genuine or not.

Here’s one of the YouTube links that roasted A P Singh. A must watch.

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His course on Upsurge : Options Scalping Strategy using Price Action | Upsurge.club

While I have no knowledge of whether Singh is genuine or not, but the YouTube videos are a matter of concern that could impact Upsurge reliability.

Just saying it… As a Dhan fan.

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Hi @thetribaltrader Feedback noted and shared with Upsurge team. Please note that they operate independently of Dhan and any such posts, Upsurge ensures that its platform is strictly used for learning purpose only.

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We have been able to get access to some of the ‘fake documents’ that are used for such scams, which makes unsuspecting individuals to believe that they are being guaranteed returns.

Please note that all these documents are fake, and they have been made to look like issued by Dhan, Exchanges or Companies.

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Woa… This is next level scam.

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Great… I think Dhan being a part of the Raise brand should be concerned about trust of the clients. When we see such content providers who do not do real trades and yet provide unsolicited trading advise live on YouTube on Upsurge, it’s diminishing our trust and faith that Raise/Dhan will keep clients interest in the utmost manner.

I think Upsurge team should seriously filter out course content providers.

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They are using your name. Many people are trapped. Please take prompt action

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Sir.
This is your social responsibility to take quickly and result oriented action.
See they offer Brace port logistics IPO allotment @36/- with huge quantities.
Totally fraud.
Please save innocent public.

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This is fraud group. Please be careful. They using Dhan name to trap public.
They offer OTC trade/ Institutional share / IPO allotments with disount rate than price band with full qunatity as per your capital capacity.
Totally fraud group.
I don’t understand why Mr. Pravin Jadhavji not taking action.

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Yes. I was part of this group. And got looted by a huge sum, until I realized it was a fraud. Dhan officials should take strong action against it, as people like me start investing with them because the names of Dhan, Upsurge & Raise foundations are being taken. And when we searched online we never came across any of the alerts that Dhan officials are posting here. The scam is being done in an open environment and people are getting looted like anything. They pose themselves as Qualified Institutional Buyers (QIB), and trading is done only in institutional stocks, OTC & IPO.
PS- the WhatsApp group is still actively running. And trade details are being posted every day.
@PravinJ

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Hi @Nikhil_Kulkarni Please share details of the same to us on complianceofficer@dhan.co. Also request you to file a compliant with CyberCell unit of your local police station immediately, we will also raise this.

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@PravinJ I have already informed the same to complianceofficer@dhan.co. I was now struggling to report it to cybercrime. Can anyone guide me on how to report such incidents on the cybercrime web portal?

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Happened to me as well! If you’ve some idea , let me know as well.

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Hi @Meha_Sharma Sorry to hear the same. Request you to share the details of the incident with our team on complianceofficer@dhan.co

Meanwhile here is a step by step guide to register Cyber Crime Compliant about this.