In 2018, Russia banned Telegram although it reversed the prohibition two years later. 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. Under the Sebi Act, the regulator has the power to carry out search and seizure of books, registers, documents including electronics and digital devices from any person associated with the securities market. After fleeing Russia, the brothers founded Telegram as a way to communicate outside the Kremlin's orbit. They now run it from Dubai, and Pavel Durov says it has more than 500 million monthly active users. This provided opportunity to their linked entities to offload their shares at higher prices and make significant profits at the cost of unsuspecting retail investors.
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