Investment Fraud on LinkedIn

How about this interesting investor for your business?

I have more than 10 billion USD commited for Real Estate Projects and 5 Billion USD committed for Renewable Projects we are looking at a mix of start up and late stage projects 44 comments »

Started by Dilip Chawla

The entity by the name of Dilip Chawla is promoting this idea in several LinkedIn groups. Well, some of the top Silicon Valley VCs is having $500 Million under management, and Silicon Valley VCs account to about 30% of all venture investment in the US. But our Mr Chawla has apparently 10 BILLION for real estate alone. Now once you read this you think – don't waste my time. But the phenomenon of getting lots of money quickly no matter how ridiculous the offer is – is moving from little classifieds into the social web.

But here – unlike in the old paper world where nobody knows if such an offer is actually taking serious – we can see it. 44 comments indicate – "I'm interested, here is my email, please contact me".

Now – later on, others chimed in and ended the the story with an alert "THIS IS A FRAUD". But you won't believe it people continue to get back and ask for getting in touch.

The other amazing thing about this case is the fact that this post is up since a month now and it seems nobody cares. Neither LinkedIn nor the group owner.

I have no flaming idea why that is. I have just no clue why people despite the fraud warning still ask to get in touch. It can't be stupidity. But I'm interested what you think it is.

UPDATE (4/21)

It appears this is not an exception. There are several criminals roaming LinkedIn with similar patterns. One were asked to pay $10,000 into escrow in order to receive a $1 Million investment. Reportedly people paid to those "investors" without ever hearing anything back.

Neither LinkedIn nor group owner or managers react in any way or shape. Some of the posts are over two month old – yet zero action from LinkedIn or group owners.



5 Replies to “Investment Fraud on LinkedIn”

  1. Axel, thank you for the alert.  It is very nice to see respectable people such as yourself that wish to maintain the professionalism of LinkedIn.  I have no idea why LinkedIn ignores the fraud alert.  I would think they would also want to maintain the validity of their site.  I am surprised.  To answer your question about why people still want to connect, I think that is simply the desperation of the economy.  I know I almost feel for it too.  Why? Because its just to easy to shoot off a message in the hopes of finding the seed money my folks need to launch our renewable energy project.  Fortunately, I have been around the block and some research showed me the light and I backed away.  If you have any insight into reputable investors for renewable energy projects, please let me know.  Regardless, thank you for the alert and I am truly glad people such as yourself wish to maintain the integrity of LinkedIn, I hope the people at LinkedIn decide to protect their brand and follow your example. 

  2. I agree with you 100% and cannot work out why no action is taken and these members continue to be allowed to operate.
    I reported two of them to LinkedIn and was advised they were trying to follow up on these members , yet they are still active and apparently nothing has happened to the best of my knowledge. It really lowers the credibility of LinkedIn in my opinion , very sad we have to allow this type of member within the group.  

  3. Axel – I understand well your point. I can guess even linkedin dont have a proper route and a screening method to judge and check the credibility of the linkedin members who are joining in lacs everyday. Linkedin is also perhaps interested to grow its members and touching any single member without checking their existance properly may hit their joining numbers.
    i have been using linkedin more than 2 years now, but have not received any single customer feedback email from linkedin. They even dont ask how to make linkedin a more secure and result oriented business networking site. for getting investments i dint found linkedin worth spending time.
    FOR people posting even after warning – i think they all are new to internet networking. i have been using internet for almost 9 years now. when i was out of my high school during my first job i can recall, i got an email from UK to transfer funds into my indian bank account for a good share. i even called the telephone number and surprisingly the number did answer my call. after that i recheck the matter and found its as a spam.
    2 months back some call me from UK that he wish to buy a 5 star hotel. his accent was more african than english, i smelled a rat, but was anxious to know that how they do it. The man asked me that his secretary will call me and meet me. after the day a man with  african accent called me to meet and see some properties. i was very angry and was annoyed to see this dare from them. i finally decided to meet him. i was sure they are fraud. but i decided to met him. i gave him a address to come in gurgaon. but he was willing to meet me in embassy area as he was showing he is staying in the most expensive area of New Delhi. i finally asked him to come to gurgaon and he came.
    Can you believe one who willing to buy a 200M hotel came in a car of not more than 2000 USD wearing a duplicate rayban you can buy in delhi streets wearing a suit you can buy on street and after all he was a negor who called himself with UK cash card and mcame meet himself saying he is the secretary of that UK boss. i abused him badly and left him standing in the middle of the highway and asked dont sare to call me again in the future. so this is a full gang network operating here in india also.   
    i even respond to dilip chawla that i also lives in gurgaon city and can meet you anytime. dint get any response from him. than i sent him request for join, he dint accept, why he should also, because he dont exist here.
    people who are responding are new to business, desperate to get funds and are perhaps new and use less internet or you can say lesser networking sites.

  4. The boom was healthy too, even with its excesses. Because what this incredible valuation craze did was draw untold sums of billions of dollars into building the Internet infrastructure. The hundreds of billions of dollars that got invested in telecommunications,

  5. What’s best? Depends on what you’re lknoiog for.LinkedIn’s growth is more than double that of Facebook. LinkedIn provides things that Facebook can’t, such as the ability to provide and check online written references which is critical in this age where HR will reveal nothing.The serious business people that I know say that LinkedIn is like Facebook for people with jobs. They’re content with being able to update their status at will, and receive the updates of their contacts. They aren’t lknoiog to chat or become fans. They’re surprisingly open to mutually beneficial alliances and opportunities. LinkedIn is a little antisocial, as has been implied, from the standpoint that it’s really built for business. On the other hand, your LinkedIn account is a form of social collateral that really comes in handy when you become available for work and have people to assist you in finding your next gig. I guess it’s social, but not interactive.Recently I added a Facebook profile. To me, I may ask business contacts who I meet to LinkIn, but I wouldn’t ask them to be a friend on Facebook. I just feel like that would be strange. On the other hand, the friends I’ve added on Facebook are my buddies who care about me as a person, but I’m not linkedin with most of them. These people want to hear about my life, my kids, my family. You could have a more business-like Facebook profile, but what fun would that be? The statistics imply that the executives prefer LinkedIn possibly because of its simplicity and relative quiet. If you’re in certain lines of business, I think a LinkedIn profile is a must-have. I’m not an executive and I have really found the free service to be of tremendous value to me.If your customers are not high-level executives though, perhaps a more informal media would work better. : ) Good luck!

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