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Delhi High Court Takes Action Against Online Scam Targeting INDmoney

The Delhi High Court has initiated a significant crackdown on an online scam that purportedly impersonated the wealth-tech platform INDmoney along with its founder, Ashish Kashyap, to con investors.

In an order dated July 28, Justice Manmeet Pritam Singh Arora instructed domain registrars, app stores, messaging platforms, banks, and cybercrime units to collaborate in dismantling this operation.

Details of the Case Filed by INDmoney

The complaint, submitted by INDmoney Tech alongside its affiliate INDstocks, claims that since November 2024, an individual known as Ashok Kumar has been using fictitious identities to entice victims via WhatsApp and Telegram groups, fraudulent websites, and mobile applications. The suspect allegedly offered enticing returns from block trading, IPO advice, and stock market speculation by utilising counterfeit SEBI certifications and forged documents to gain trust.

Extent of the Fraudulent Network

This illegal operation comprised eight websites, four fake applications, numerous messaging accounts, and various bank accounts. As outlined by INDmoney, the perpetrators also copied trademarks, logos, and website content to mislead potential users.

Legal Findings and Court Restraints

Identifying a clear instance of trademark infringement, passing off, and copyright violation, the court acknowledged that these actions were resulting in “irreparable injury.” The judge restrained the defendant, along with their associates and agents, from utilizing the brands or operating the infringing platforms. Gname.com, Dominet, and Dynadot were directed to block the domains and disclose ownership information; Google and Apple were instructed to remove the counterfeit applications; WhatsApp and Telegram were told to block the specified numbers and groups; and over a dozen banks were directed to freeze associated accounts and supply KYC details. The National Cyber Cell and Gurugram Cyber Police were also tasked with compiling investigation reports.

Upcoming Hearings

The subsequent hearing is scheduled for September 2 before the Joint Registrar, followed by another session on December 17 in court.

In response to the ruling, Kashyap shared a post on LinkedIn, describing it as a “strong digital-first stand against online financial fraud” and an essential measure for safeguarding individuals from intricate scams. He encouraged the public to “stay alert, stay informed, stay safe.”

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