Chinese hackers and fraudsters have found a new way to steal banking credentials of Indians and dupe them in the name of investing money in an angel fund scheme of the World Bank.
The World Bank has issued an advisory cautioning people about the use of its name in this fraudulent scheme.
In an advisory, the World Bank says, "...a website https://www.angel-fund.in/#/ is claiming a fraudulent connection to the World Bank to solicit funds. This is to caution the public that the World Bank group has no involvement with the individuals or groups who run this website, and that the content displayed there has been taken illegally from the World Bank’s official website."
This website is now inaccessible with the page showing an error 504 or gateway time out. It says, "The gateway did not receive a timely response from the upstream server or application."
World Bank is a multilateral development organisation that provides finance for government entities and does not finance angel funds or investment schemes for individuals.
Hyderabad-based technology expert Srikanth (@logic) says local operators behind all such schemes are Indian but the entire technology and sometimes bank credentials are with the Chinese. After a search, he found that the domain name angel-fund.in is registered in China.
According to Srikanth, these fraudsters want people to become angel investors by watching a video on YouTube and then downloading an app.
The video on YouTube is uploaded by one SumiTech from Munger, Bihar. In this video, he shows earnings from investment as well as from referrals. He also shows the World Bank project for angel fund in the video. However, there is a disclaimer at the end of the detailed information. It says, "I made this video only for educational purposes, I never advice for invest your money here, if you'll invest than invest on your own risk, so be clear yourself before investment."
From the video description, the angel fund investment scheme appears to be mostly oriented to collect banking details of investors. This scheme also comes out as a money-circulation scheme or multi-level marketing (MLM) scheme, where commission is paid for referring or bringing new people into the scheme.
Readers are advised to stay away from any such angel fund investment scheme in the name of the World Bank.
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