Scam Alert! Axis Mutual Fund Warns Investors Against These Fake Social Media Entities. Check Details Here

To warn investors regarding an alarming case of digital financial crime, Axis Mutual Fund has shared a list of fake handles on social media platforms that actively use the company name and logo to dupe investors.  

In its notice, Axis Asset Management Company Limited said that “some unknown and unscrupulous individuals/entities” have fraudulently been deceiving investors through fake channels and groups on social media apps like Telegram and Facebook. The scammers are reportedly using the company's credentials and seeking deposits of money in “mutual funds and portraying that such investments would lead to earning profits.” 

Axis Asset Management Company has additionally notified that these scammers 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 company has warned the public to be wary of these fake Telegram channels that are using its name: 

a. @Axismutualfund_investment - 2,686 subscribers 

b. @AxisMutualFund – 117 subscribers  

c. @axismutualfund123 – 2 subscribers 

d. @AXISMUTUALFUNDLTD – 17 members 

e. @axismutualfund12  

f. @Mutual_Fund_Investments – 9491 members 

g. @moneydoubler23 – 387 members 

h. @AXIS_MUTUAL_FUND_INVESTMENT – 81 subscribers 

i. @AXIS_MUTUAL_FUND – 85 subscribers 

The asset management company has warned concerned investors that the list shared in its notice is not exhaustive, as there may be several other channels or platforms through which the scammers may be committing fraud using its credentials. It has explicitly notified that “neither the Company nor the Fund owns or operates any group or channel on the Telegram app. The Company’s or the Fund’s social media presence is limited to the following:” 

  The asset management company shared that it is “NOT working with, or associated with, any of such Fraudsters or entities or the named fake Telegram channels or any other similar channels/groups running on Telegram or any other apps or social media platforms. These Fraudsters have NO authority to use our name, our logo, or associate with the Company / Fund.” 

The company additionally clarified that the communications, materials, or information being circulated were not authorised or sent by them. The asset management company, in its notice, also requested the general public not to deal with “such Fraudsters and/or respond to any such fraudulent investment schemes or promotions, whether over telephone calls, emails, Telegram groups or channels, websites, mobile applications or otherwise and protect yourselves against any fraud and criminal acts of the perpetrators.” It said that the company is also a victim of this fraud and “are closely monitoring the situation to identify the Fraudsters and are taking preventive measures, including the issuance of this caution notice on our website for the benefit of the general public.” 

The company advised the public to report any suspicious “incident and/or incidents of defrauding of money as a result of these fraudulent acts” while stating that those dealing with “such fraudsters will be dealing at his/her own risk and responsibility. The Company and/or the Fund and/or any of its representatives/employees will not be responsible for any loss suffered or otherwise in this respect.”