February 12, 2023

Beware of fraudsters! Axis Mutual Fund cautions users against fake Telegram channels; check list

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Beware of fraudsters! Axis Mutual Fund cautions users against fake Telegram channels; check list

Axis Mutual Fund posted a list of bogus handles on social media platforms such as Telegram that use the company’s name, and warned investors not to contact these scamsters.

“The fraudsters are misrepresenting to the general public that they are associated or affiliated with the Fund by illegally and without authorization, using the trademark AXIS MUTUAL FUND and the logo , which are owned by the company and/or its affiliates,” the private mutual fund company said in a public advisory.

Additionally, the MF provided a list of bogus and official channels, stating that this is not an entire list.

The fake Telegram channels that are using our name and have come to our notice so far are as follows:

@Axismutualfund_investment – 2,686 subscribers

@AxisMutualFund – 117 subscribers

@axismutualfund123 – 2 subscribers

@AXISMUTUALFUNDLTD – 17 members

@axismutualfund12

@Mutual_Fund_Investments – 9491 members

@moneydoubler23 – 387 members

@AXIS_MUTUAL_FUND_INVESTMENT – 81 subscribers

@AXIS_MUTUAL_FUND – 85 subscribers

“Neither the Company nor the Fund owns or operates any group or channel on the Telegram app,” the MF stated. According to the company, its social media presence is confined to the channels listed below:

© Provided by Business Today
The capital market regulator SEBI had urged asset management firms to remain watchful and monitor social media

The capital market regulator SEBI had urged asset management firms to remain watchful and monitor social media platforms in December in order to spot Telegram groups that misrepresent themselves as registered mutual funds or use the names of mutual funds inappropriately. This led to Axis MF’s advisory.

According to a letter from the Securities and Exchange Board of India to fund houses, certain questionable groups have been seen using the names of mutual funds in deceptive or false ways on the messaging app Telegram.

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