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These administrators had built substantial positions in these scrips prior to the circulation of recommendations and offloaded their positions subsequent to rise in price of these scrips, making significant profits at the expense of unsuspecting investors, Sebi noted. Perpetrators of these scams will create a public group on Telegram to promote these investment packages that are usually accompanied by fake testimonies and sometimes advertised as being Shariah-compliant. Interested investors will be asked to directly message the representatives to begin investing in the various investment packages offered. Perpetrators of such fraud use various marketing techniques to attract subscribers on their social media channels. In 2018, Russia banned Telegram although it reversed the prohibition two years later. Stocks dropped on Friday afternoon, as gains made earlier in the day on hopes for diplomatic progress between Russia and Ukraine turned to losses. Technology stocks were hit particularly hard by higher bond yields.
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