Delhi HC Cracks Down on Fraudulent Tata Restart Website Using Names of Tata for Peddling Ponzi Scheme
Moneylife Digital Team 12 April 2024
The Delhi high court (HC) has ordered the taking down of a “fraudulent website” impersonating Tata Sons Pvt Ltd and luring customers to invest in their Ponzi investment scheme. Last month, Moneylife had warned about Tata Restart, a Ponzi, collective investment scam that has been misusing the names of Tata and Sudhir Sethi. The HC order mentions that Sudhir Sethi, founder and chairman of Chiratae Ventures, informed Tata Sons about Moneylife article on Tata Restart. The portal even mischievously used the name and photos of Mr Sethi, as reported by Moneylife
 
Last week, the HC bench of justice Sanjeev Narula issued an ad-interim injunction against Tata Restart, the entity behind the website, ordering it to cease using the 'Tata' name or any marks similar to those registered by Tata Sons.
 
It directed Tata Restart to take down the website parked on the domain tatarestart.com immediately. Justice Narula also asked Godaddy.com LLC, the domain name registrar, to block or suspend the domain name tatarestart.com. Godaddy is also directed to file know your customer (KYC) details of the registrant (of tatarestart.com domain name) in a sealed cover before the HC.
 
The bench also noted that after Mr Sethi’s intervention, images and names referencing Ratan Tata were taken down. However, the (tatarestart.com) website continued making false claims about its Ponzi scheme.
  
During the hearing, Tata Sons submitted that its search of the TataRestart website revealed that in addition to promoting their Ponzi scheme, they were leveraging an emotional appeal by claiming to empower children through education. They solicited support for ‘Tata Restart Support Centers’ to aid children in pursuing their aspirations.
 
Tata Sons also found that the Ponzi was using a logo similar to the copyright logo of its unit Tata Consultancy Services (TCS). Tatarestart also used a virtual certificate with a logo similar to TCS for ‘The Leaders Award 2023’ on its website to lure unwary customers to invest in its Ponzi investment scheme.
Comments
NSE Chief Ashish Chauhan Is the Newest Victim of Deepfake 'Stock Recommendation' Videos
Moneylife Digital Team 10 April 2024
Over the past few days, some videos have been circulating on social media in which Ashaishkumar Chauhan, managing director and chief executive officer (MD&CEO) of the National Stock Exchange (NSE), is seen recommending some stocks for...
ArrayArray
Free Helpline
Legal Credit
Feedback