What are the red flags of this scam?

Platform claims to be 'SEBI-approved' or 'RBI-authorised' for gold trading — SEBI does not approve individual digital gold apps; SEBI's Verified App Label applies to stockbrokers, not gold sellers • Instagram or WhatsApp contact promises fixed daily returns or 'double your money in 100 days' from gold • Platform shows a growing balance on its dashboard but blocks withdrawal with demands for a 'GST certificate fee', 'verification fee', or 'tax clearance' • No physical delivery of gold is ever possible; no MMTC-PAMP, SafeGold, or Augmont tie-up is verifiable • Customer support is only via WhatsApp or Telegram with no registered company address or CIN

What should I do if this happened to me?

Verify any gold app's legitimacy at SEBI's investor portal https://www.sebi.gov.in — the only regulated digital gold sellers in India are MMTC-PAMP, SafeGold, and Augmont; no standalone app is SEBI-licensed • Never transfer funds based on promises made via Instagram DM or WhatsApp message; always check if the app is on the Google Play Store with a verifiable publisher and reviews • If withdrawal is blocked by a 'fee' demand, stop paying — each fee is a new layer of the scam; no legitimate platform requires a GST payment to release your own funds • If you have already transferred money, file a complaint at the nearest Cyber Crime police station; preserve all screenshots of the app, chat messages, and payment receipts • Report at https://cybercrime.gov.in or call 1930 (national cyber helpline).

HIGH investment Last reported: 7 Sept 2026 Share

Fake digital gold app collects deposits then blocks withdrawals

Q: Is this a scam?

Yes. This is a documented scam pattern. Unregulated apps and websites sell 'digital gold' without physical bullion backing, falsely claiming SEBI or RBI endorsement. After victims deposit funds, withdrawals are blocked by fee demands and platforms shut down. 1,847 MHA-reported cases in 2024–2026.

Unregulated apps and websites sell 'digital gold' without physical bullion backing, falsely claiming SEBI or RBI endorsement. After victims deposit funds, withdrawals are blocked by fee demands and platforms shut down. 1,847 MHA-reported cases in 2024–2026.

Also known as: fake gold investment app, digital gold trading scam, online gold buying fraud, SEBI-approved gold app scam

Already happened to you? Do this in the next few minutes

Call 1930 now

1 Call 1930 — the national cyber-crime helpline — right now. The sooner you report, the better the chance of freezing the money before it moves.
2 Call your bank to freeze the account and block the card immediately. Use the number printed on your card, never a number from the message or caller.
3 File a report at cybercrime.gov.in and keep every message, screenshot, and transaction ID.

What to do right now

1 Verify any gold app's legitimacy at SEBI's investor portal https://www.sebi.gov.in — the only regulated digital gold sellers in India are MMTC-PAMP, SafeGold, and Augmont; no standalone app is SEBI-licensed
2 Never transfer funds based on promises made via Instagram DM or WhatsApp message; always check if the app is on the Google Play Store with a verifiable publisher and reviews
3 If withdrawal is blocked by a 'fee' demand, stop paying — each fee is a new layer of the scam; no legitimate platform requires a GST payment to release your own funds
4 If you have already transferred money, file a complaint at the nearest Cyber Crime police station; preserve all screenshots of the app, chat messages, and payment receipts
5 Report at https://cybercrime.gov.in or call 1930 (national cyber helpline).

Red flags

⚠ Platform claims to be 'SEBI-approved' or 'RBI-authorised' for gold trading — SEBI does not approve individual digital gold apps; SEBI's Verified App Label applies to stockbrokers, not gold sellers
⚠ Instagram or WhatsApp contact promises fixed daily returns or 'double your money in 100 days' from gold
⚠ Platform shows a growing balance on its dashboard but blocks withdrawal with demands for a 'GST certificate fee', 'verification fee', or 'tax clearance'
⚠ No physical delivery of gold is ever possible; no MMTC-PAMP, SafeGold, or Augmont tie-up is verifiable
⚠ Customer support is only via WhatsApp or Telegram with no registered company address or CIN

Already happened to you? Do this in the next few minutes

What to do right now

Red flags

Sources