Winning Bizness Desk

Mumbai. UBS Securities has issued a critical warning to investors about a surge in fraudulent schemes masquerading as investment advice from reputable brokerage firms. The company has reported an increase in scams where fraudsters use the UBS name, logo, and employee images to deceive investors.

Fake Schemes and Misleading Promises

In a public notice, UBS revealed that scammers are promoting false investment opportunities in shares and IPOs through fake websites, mobile apps, and WhatsApp groups, all while claiming to represent UBS Securities. The brokerage firm stressed that these activities are not authorized or associated with UBS.

"Some unknown individuals are falsely using our brand and employees' images to mislead investors with promises of high returns on shares and IPOs in a short period," UBS said in its notice. The firm clarified that UBS and its affiliated entities do not operate any such platforms or schemes in India or abroad. UBS Securities India is a listed institution focused solely on institutional trading and does not offer retail investment schemes.

Investor Precautions Advised

UBS has advised investors to be cautious of unsolicited messages and calls purporting to offer investment advice. The firm disassociated itself from any financial losses incurred due to such fraudulent schemes and urged individuals to report any suspicious activities to the police and cybercrime units immediately. The warning comes as a reminder to investors to exercise due diligence and verify the authenticity of any financial advice or investment opportunity, especially when approached through unconventional channels.