Sebi has widened its probe into suspected investment scams through mobile SMS and WhatsApp messages, wherein investors are lured into promise of huge returns after initial payments.
Two individuals - Mansoor Rafiq Khanda and Firoz Rafiq Khanda - were on on Thursday restrained by the watchdog from acting as investment advisors after they were allegedly found offering unauthorised 'trading tips' through Short Message Service (SMS) and WhatsApp messages via mobile phones.
Sebi has ordered further probe into the scam after it noted that the "modus operandi" of these two individuals as well as names of the operators in the instant case are similar to the case of Imtiyaz Hanif Khanda and Vali Mamad Habib Ghaniwala, in which case the regulator had passed restraint orders in August 2013 and December 2013."Considering these facts of the case, it may be appropriate for further investigations to find out connection, if any, between the entities hereinabove (Mansoor and Firoz) and the entities in the orders dated August 20, 2013 and December 30, 2013," Sebi said in an interim order Thursday.