Delhi HC directs shutdown of scam impersonating INDmoney and founder

The Delhi High Court has ordered a sweeping crackdown on an online scam that allegedly impersonated wealth-tech platform INDmoney and its founder, Ashish Kashyap, to defraud investors.

In a July 28 order, Justice Manmeet Pritam Singh Arora directed domain registrars, app stores, messaging platforms, banks, and cybercrime units to work together to shut down the operation.

The case, filed by INDmoney Tech and its affiliate INDstocks, alleges that since November 2024, a person identified as “Ashok Kumar” used fake identities to lure victims through WhatsApp and Telegram groups, rogue websites, and mobile apps. The accused allegedly promised high returns from block trading, IPO tips, and stock market bets, using forged SEBI certificates and fake documents to appear credible.

The fraudulent network involved eight websites, four fake apps, dozens of messaging accounts, and multiple bank accounts. According to INDmoney, the accused also copied its trademarks, logos, and website content to mislead users.

Finding a clear case of trademark infringement, passing off, and copyright violation, and noting the actions were causing “irreparable injury”, the court restrained the defendant, its associates, and agents from using the brands or running the infringing platforms. It directed Gname.com, Dominet, and Dynadot to block the domains and share ownership details; Google and Apple to remove the fake apps; WhatsApp and Telegram to block the listed numbers and groups; and over a dozen banks to freeze linked accounts and provide KYC details. The National Cyber Cell and Gurugram Cyber Police were also told to file investigation reports.

The next hearing is on September 2 before the Joint Registrar, and on December 17 in court.

Following the order, Kashyap posted on LinkedIn, calling it a “strong digital-first stand against online financial fraud” and a key step towards protecting people from sophisticated scams. He urged people to “stay alert, stay informed, stay safe.”