He adds: "Telegram has become my primary news source." In the past, it was noticed that through bulk SMSes, investors were induced to invest in or purchase the stocks of certain listed companies. 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. For tech stocks, “the main thing is yields,” Essaye said. 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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