New Delhi, Oct. 29 -- Securities and Exchange Board of India (SEBI) chairman Tuhin Kanta Pandey has warned investors against fraudulent investment recommendations circulated through platforms like WhatsApp and Telegram, saying people are losing huge amounts of money by trusting misleading claims.

Speaking at NDTV Profit Ignite on Wednesday, Pandey said that SEBI would take tough action against malpractice involving groups that lure investors with promises of exceptional or guaranteed returns.

"It's a fake world. In that fake world, you know, people are believing and losing tonnes of money," Pandey said.

Pandey's remarks came amid concerns over investment-related fraud on messaging platforms, where potential investors and even common pe...