The State Bank of India (SBI) has issued a strong warning about scammers misusing its name and logo to promote fake stock market tips and investment schemes. These unauthorized entities are targeting unsuspecting investors through misleading advertisements on platforms such as WhatsApp, Telegram, and other social media channels.
How the Scam Operates
Fraudsters create fake online profiles that feature SBI’s name and logo to appear credible. They circulate misleading promotional messages that promise unrealistically high returns on stock market investments. Often, these messages encourage users to join WhatsApp groups, claiming to offer exclusive financial insights. Common phrases include, “Join my WhatsApp group for free. In just 7 days, double your assets.”
Such messages exploit the trust the public has in SBI’s brand name. However, the bank has firmly denied running any such schemes and has clarified that it does not offer investment tips. SBI does not authorize any third-party entities or individuals to act on its behalf for such purposes.
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How to Avoid Falling Victim
SBI urges the public to exercise caution and vigilance. Here are some ways you can protect yourself:
- Verify Communications: If you receive messages claiming to be from SBI, confirm their authenticity by visiting your nearest SBI branch or checking the official SBI website – https://bank.sbi.
- Avoid Unofficial Sources: Do not engage with or act upon investment advice from unverified WhatsApp groups or social media advertisements.
- Report Fraud: Immediately report any suspicious or misleading messages to SBI and the relevant authorities.
- Use Only Trusted Platforms: Rely on SEBI-registered advisors and verified financial platforms for your investment decisions.
SBI encourages everyone to share this warning and help raise awareness about such cyber frauds. Your alertness can prevent financial loss and protect your personal data and hard-earned money.
About the Author – Anirudh Mittal is a B.Sc. LL.B. (Hons.) student at National Forensic Sciences University, Gandhinagar, with a keen interest in corporate law and tech-driven legal change. He enjoys breaking down complex legal issues into crisp, insightful reads that connect law with the real world.