The perpetrators use various names to carry out the investment scams. They may also impersonate or clone licensed capital market intermediaries by using the names, logos, credentials, websites and other details of the legitimate entities to promote the illegal schemes. These entities are reportedly operating nine Telegram channels with more than five million subscribers to whom they were making recommendations on selected listed scrips. Such recommendations induced the investors to deal in the said scrips, thereby creating artificial volume and price rise. In 2014, Pavel Durov fled the country after allies of the Kremlin took control of the social networking site most know just as VK. Russia's intelligence agency had asked Durov to turn over the data of anti-Kremlin protesters. Durov refused to do so. In the United States, Telegram's lower public profile has helped it mostly avoid high level scrutiny from Congress, but it has not gone unnoticed. Stocks closed in the red Friday as investors weighed upbeat remarks from Russian President Vladimir Putin about diplomatic discussions with Ukraine against a weaker-than-expected print on U.S. consumer sentiment.
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