Ambareesh Baliga, a veteran investment adviser with nearly four decades of experience in India’s stock markets, finds himself in a frustrating battle, not with market volatility, but with cyber fraud and bureaucratic indifference.
Mr Baliga recently revealed through a post on the social media platform X that his identity has been misused by cybercriminals to dupe unsuspecting investors. Despite filing a cybercrime complaint nearly four months ago, the Navi Mumbai police have allegedly shown little interest in pursuing the case. The reason? No apparent money trail.
“The first question was ‘How much have you lost?’” Mr Baliga wrote, expressing his disappointment with the system. “From a couple of meetings I had with them, it was clear this was of no interest to them.”
According to the veteran investment adviser, even attempts to escalate the matter to the police commissioner’s office were met with silence. He describes the entire experience as 'a sad state of affairs', adding that the law enforcement system seems overwhelmed with VIP duties and ill-equipped to handle cyber offences unless immediate financial loss is evident.
Mr Baliga's identity is not only being used without his consent, but also in a highly sensitive sector—financial advising. Misrepresentation of trusted voices in the investment community can have dire consequences, not just for the victims who may fall for fraudulent schemes, but also for the professionals whose credibility is being attacked.
Earlier this week, the National Stock Exchange (NSE) issued a formal warning about scammers impersonating Mr Baliga and another individual named Shardul Jani. The fraudsters, operating under the guise of an association with 'Abans Capital Securities', are using mobile numbers +91-8292054045 and +91-8709990209 to offer so-called guaranteed stock market returns and trading account handling services.
NSE clarified that, while a legitimate employee named Mr Jani works at Abans Securities Pvt Ltd, the person behind these calls is an impostor. It also affirmed that Mr Baliga has no association with the entity being falsely promoted.
Mr Baliga’s case is emblematic of a broader problem: the lack of preparedness and prioritisation by police and law enforcement agencies (LEAs) in handling cybercrimes, especially those involving impersonation or reputation damage rather than direct financial theft. The lack of awareness about digital evidence, jurisdictional hesitation and understaffing in cyber units all contribute to this failure.
Take, for example, in this case, the fraudsters are using two mobile numbers. Taking help from the mobile operator or the telecom regulator, police can easily trace the owners, location and call data records of the fraudsters. This can be done even if the numbers are now discarded by the fraudsters. All this requires a little enthusiasm from police or LEAs.
While economic fraud involving large sums gets fast-tracked, cases related to identity misuse often fall through the cracks, particularly if the complaint is filed by an individual rather than a corporate entity.
Given the current inertia, there are several legal and procedural steps people like Mr Baliga, who are victims of impersonation scams, can explore to protect their name and hold the fraudsters accountable.
1. Approach cyber appellate authorities or CERT-In: The Indian Computer Emergency Response Team (CERT-In) handles escalated cyber issues. Filing a complaint here can help push the matter into a more centralised system.
2. Send a legal notice to platforms: If the scammers are using platforms like Telegram, WhatsApp, or email to reach out to investors, the victim can issue takedown requests or legal notices to these companies to remove impersonating content and accounts.
3. File a civil defamation suit: Though time-consuming, a defamation case against unknown persons (John Doe suits) can be filed in a civil court to formally establish damage to reputation.
4. Media and investor awareness: Mr Baliga is already using social media effectively. Expanding this outreach via investor awareness webinars and financial media interviews could help further clarify that he has no connection with any scheme offering guaranteed returns.
5. Engage with Securities and Exchange Board of India (SEBI): The market regulator has the power to act against entities misrepresenting market participants. SEBI complaints can lead to public advisories and even coordinated law enforcement action.
How Common Investors Can Stay Protected
Cybercriminals prey on emotions and aspirations, luring people with manipulated testimonials, fake success stories and deepfake videos of celebrities seemingly endorsing investment platforms. They capitalise on the trust users place in familiar logos and faces (like Mr Baliga), often cloning reputed financial services websites or running ads with the stolen credentials of legitimate companies.
Using artificial intelligence (AI)-generated videos and manipulated audio, fraudsters produce clips of celebrities or financial experts seemingly recommending a bogus investment app or scheme. Fraudsters copy the identities of genuine investment advisers (IAs) registered with the SEBI. These fraudsters create and operate fake social media pages and LinkedIn profiles to lend legitimacy to their scam.
No wonder, for everyday investors, impersonation scams are becoming increasingly common.
Here are a few precautions you need to take to stay protected from impersonation fraud:
• Verify identities through official channels: Always cross-check any investment advice received through WhatsApp, Telegram, or SMS by visiting official websites or contacting the person through verified profiles.
• Avoid ‘guaranteed returns’ offers: No legitimate investment adviser offers guaranteed returns. Such promises are clear red flags.
• Watch out for deepfakes and clones: Learn to identify inconsistencies in speech, lighting, or expressions in videos—common giveaways in deepfakes.
• Report suspicious activity: If you receive messages claiming affiliation with known market names, report the phone numbers to cybercrime portals (cybercrime.gov.in) or call the helpline 1930 to lodge a complaint and also alert the stock exchanges.
• Use caution on social media: Fraudsters often create fake profiles with real names and pictures. Always verify blue tick accounts and avoid responding to unsolicited financial offers.
• Keep screenshots and evidence: Document any communication for future legal action or reporting. Take screenshots of the communication (SMS/email/messages) and record calls with the imposter.
Mr Baliga’s case shines a spotlight on the systemic issues plaguing India’s cybercrime response mechanism. When even a seasoned professional with visibility and access struggles to get justice, the situation is even more dire for ordinary citizens.
The real cost is not only in lost money or damaged reputations but in eroding trust in digital platforms and financial systems. Unless enforcement mechanisms are strengthened and sensitised, impersonation scams will continue to thrive in the shadows.
Stay Alert, Stay Safe!
