Trick 4- Leveraging Fake Celebrity Endorsements to Promote Fraudulent Investments
- Fraudsters falsely associated investment schemes with celebrities to gain credibility.
- Promoted these schemes through fake apps and social media channels.
- Convinced victims to invest by leveraging the trust in celebrity endorsements, resulting in financial scams.
4. Investment Frauds Using Celebrity Endorsements in Mumbai (2024)
Steps of the Fraud:
- Creation of Fake Investment Schemes:
- Scammers developed fraudulent investment schemes, often related to stock trading, and falsely associated them with celebrities to gain credibility.
- Dissemination via Fake Apps and Social Media:
- These schemes were promoted through counterfeit applications and social media platforms, reaching a wide audience.
- Inducement to Invest:
- Victims were enticed to invest, believing in the legitimacy of the schemes due to the purported celebrity endorsements.
- Financial Losses and Legal Action:
- In May 2024 alone, Mumbai police reported 355 investment fraud cases, arresting 91 individuals involved in such scams.