After ED’s WhatsApp pump-and-dump searches, Zerodha founder points investors to AI chatbots
The ED conducted searches at 29 premises across six Indian cities and froze trading accounts worth approximately ₹200 crore in connection with alleged pump-and-dump schemes coordinated via WhatsApp involving listed companies. Zerodha founder Nithin Kamath responded by recommending retail investors consult AI chatbots like ChatGPT or Claude before acting on unsolicited stock tips. Kamath warned that such schemes are proliferating through messaging apps and influencer channels despite being widely discouraged.
Key points
- ED froze ₹200 crore in trading accounts for alleged WhatsApp pump-and-dump fraud
- Searches conducted across Mumbai, Nashik, Ahmedabad, Gandhinagar, Surat, and Bhavnagar
- Zerodha founder recommends using AI chatbots to verify stock tips
Summary and key points written by AI from the headline and a short excerpt, so they can be incomplete or wrong. MediaNama did the reporting; read the original for the full story.
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