Porinju Veliyath warns investors: ‘Beware of cybercriminals impersonating me on social media’

Ace investor Porinju Veliyath has raised a red flag, cautioning investors about the rising threat of cybercriminals impersonating him on social media platforms. Taking to X (formerly Twitter), Veliyath alerted his followers with a stark message: “Friends, pls beware of the cyber criminals impersonating me and attempting to defraud the public on SM (social media).”

The alert was accompanied by a reference to a December 4 tweet, wherein an unverified account lacking the official blue tick, purportedly in Veliyath's name, had disseminated multiple stock tips and urged investors to buy specific stocks. The cautionary message serves as a reminder for investors to exercise vigilance and verify the authenticity of financial advice received through social media channels.

It's unfortunate but not uncommon for well-known individuals, especially those in the financial industry, to be targeted by cybercriminals, attempting to impersonate them on social media. These impersonation attempts often involve creating fake profiles and disseminating false information to deceive investors.

Hence, investors should exercise caution and verify the authenticity of any information received through social media channels, especially if it involves financial advice or investment opportunities.

To stay safe from such scams:

Verify Official Channels: Check for official social media accounts that are verified with a blue checkmark. Official statements and alerts are typically posted through these channels.

Cross-Check Information: Verify any critical information through official websites, press releases, or reputable financial news sources.

Exercise Skepticism: Be cautious of unsolicited messages or investment opportunities from unknown sources, especially if they promise high returns.

Report Suspicious Activity: Report any suspicious accounts or activities to the respective social media platforms and relevant authorities.

Investors should always prioritise due diligence, rely on official communications, and be wary of potential scams in the digital space.

Porinju Veliyath is the founder and manager of fund management firm Equity Intelligence and has a portfolio that stands apart, mainly focused on mid-cap and small-cap stocks.

As per the latest corporate shareholdings filed, Porinju V Veliyath publicly holds 16 stocks with a net worth of over ₹221.1 crore.

Stock Markets today

Indian benchmark indices suffered deep cuts on Wednesday as investors awaited US Federal Reserve's decision on rates. Sensex and Nifty were down over half a percent as the domestic and U.S. inflation data rekindled worries about the likelihood of a postponement in interest rate cuts.

The US Federal Reserve is widely expected to maintain policy rates in the current 5.25-5.50 percent range when it concludes its two-day monetary policy meeting on Wednesday, December 13. Besides, the US central bank is expected to remain hawkish as inflation remains above its 2 percent target.

The sentiment was also impacted as India's retail inflation in November witnessed its quickest increase in three months at 5.55 percent, up from 4.87 percent in October and 5.02 percent in September; the figure is higher than RBI’s target of 4 percent but still remains within its tolerance range of 2-6 percent for the third consecutive month. However, India's industrial output in October surged to a 16-month high at 11.7 percent, propelled by mining, manufacturing, and electricity sectors, as well as the effect of a low base comparison.

Among sectors, Nifty IT was the biggest laggard, down over 2 percent, followed by Nifty Metal, down 0.44 percent. Meanwhile, Nifty Bank and Nifty Fin Services also shed around 0.3 percent each.