As instances of financial scams escalate, Nithin Kamath, the founder and CEO of the online brokerage firm Zerodha, expressed concern about the alarming number of individuals falling prey to various financial scams. Along with this, he also shared some tips on safeguarding against fraudulent activities, particularly cautioning against fake job offers, deceptive high-return investment schemes, and crypto investment scams.
Kamath took to X (formerly known as Twitter) to talk about the pig butchering scam.For those unaware, pig butchering scam is a type of online fraud that targets victims through emotional manipulation and deceptive investment schemes. The scammers typically create fake social media profiles or online dating profiles to connect with potential victims, often posing as successful professionals or potential romantic partners.
Kamath posted a detailed post on X explaining all about the online scams.

Read the complete post here
The scale of pig butchering scams in India runs into tens of thousands of crores. It is scary how many people fall for fake job offer scams, scammy high-return investment schemes and crypto investments, etc.
As the name implies, a pig butchering scam involves fattening the victim before butchering. Scammers gain the trust of users by using fake profiles. They use the pretense of love and friendship to gain the trust of users and then induce them to send money for jobs and high-return investments and steal the money. These scams are global, and their scope is staggering.
What makes these scams even more cruel is that the person scamming could also be a victim of another type of scam. Many fall into the trap of international job offers from scammy companies. Once abroad, they are held captive and forced to scam Indians by building trust using social media platforms, typically using fake profiles of the opposite sex.
Check out the link in the comments of a harrowing story of an Indian who was lured by an international job offer. The person was then moved to Myanmar and forced to commit pig butchering scams on Indians.
It is essential to talk about this frequently with as many people as possible, given the scale of the problem. Everyone around us is a potential victim, regardless of whether they are educated or not. Quick money and a job abroad is a honeypot that gets many Indians to act instinctively.
The Govt. through its cybercrime division, is trying to fight & improve India’s response for which they’re hiring. You can check out
@Cyberdost
Follow these tips to protect yourself