WazirX, founded by Sameer Mhatre, has been issued a Show Cause notice by the Enforcement Directorate. This warning concerns suspicious financial dealings totaling INR 2.791 crores using WazirX Referral and Crowdfire.
Earlier this year, when the value of Bitcoin was plummeting, his company received criticism for blocking consumers from making trades.
The following article delves into the schemes of Sameer Mhatre and how he cheats on Indian customers:
Sameer Mhatre, Chief Operating Officer at WazirX
The infamous Indian cryptocurrency exchange WazirX was founded in part by Sameer Mhatre. He is a full-stack developer and manages the company’s technological operations.
Together with Nischal Shetty and Siddharth Menon, Sammer manages WazirX. At first glance, this person appears to be fine. However, many people have had negative interactions with him or his businesses.
A serial entrepreneur and a serial con artist are nearly indistinguishable. Sameer, sadly, belongs to the second group.
For instance, Grant Cardone asserts that he is a successful businessman. A different picture emerges, however, from the many accounts of people who lost their life savings due to Grant.
Sameer Mhatre is in the same boat.
Nischal Shetty is the company’s public face, while Sameer manages operations behind the scenes. This is true of every con these con artists have ever pulled.
The Dirty Little Secret Behind Mhatre’s Previous Company, Crowdfire
Since he also founded Crowdfire, Sameer calls himself a serial entrepreneur. It would appear that Crowdfire is a platform for advertising. In actuality, it’s a malicious firm that uses relentless pressure tactics to coerce customers into paying for services they don’t want.
Trustpilot users have given Crowdfire a rating of 1.7 stars out of 5. As of this writing, 86% of reviewers had given it only 1 star. There are no five-star ratings among the reviews.
The company markets itself as “the only social media manager you’ll need.” But it can’t even keep its consumers happy.
Crowdfire has been accused of sending unwanted emails and harassing team members.
Comments on Harassment and Spam:
This individual stated that they were bombarded with spam from Crowdfire. Hundreds of spam emails are sent out every day from Sameer’s organization. The critic implies that they may sue Crowdfire.
The business run by Sameer Mhatre has no idea how to do effective email marketing. The foregoing criticism makes it abundantly evident. According to this client, Crowdfire is continually pestering their colleagues and using their publicly available information to unfairly book members of the sales team.
This reviewer claims that Crowdfire constantly bombards them with unsolicited emails. The problem is pervasive across Sameer’s business empire. As a result of their ineffective marketing, they resort to questionable practices. Later in this review, I go into detail on the misleading practices that drive business to Sameer Mhatre’s enterprises.
Complaints about a Low-Quality Item:
This review claims that Crowdfire’s social media analytics are awful. Fewer than half of their 90-day-old posts were visible in the tool. Crowdfire had previously guaranteed them that they would answer any questions, but they never did.
This reviewer shared the same gripe as many others: a lack of helpful customer support. They hoped to get their money back but were skeptical it would be granted. They concluded that you should stay away from Crowdfire.
Someone has mentioned how awful Sameer Mhatre’s app is. It’s terrible that Apple doesn’t offer a way to cancel the membership. It’s the most immoral business practice I’ve ever witnessed.
Crowdfire customer service declined this user’s request to discontinue their subscription. Companies run by Sameer and Nischal must be completely devoid of ethics.
This critic was going to give Crowdfire no stars at all. They claim the company provides the very worst customer service imaginable. The firm makes poor video selections and has terrible customer service.
They complained that Crowdfire didn’t care about their opinions and took too long to respond. The bad news is that they committed to an annual plan. Crowdfire, typical of scams, declined to return their money.
Even though they weren’t actively using the service, Crowdfire still charged them for a full year of service. The one-year subscription was all they could afford at the time. They tried contacting Crowdfire but didn’t hear back from anyone. They were so denied a refund.
This review claims that Crowdfire does not remove any user information. The privacy of the users is compromised. The reviewer first signed up for Crowdfire’s free plan but then decided against using it.
According to the frequently asked questions section of Sameer Mhatre’s website, all user information is deleted upon account cancellation. But they didn’t do it. Crowdfire continued bombarding this user with advertising. In addition, they were unable to get a reply to any of their emails from the company’s customer service department.
The reviewer has a hunch that the software was made by a single person who then ceased caring about the users. For the simple reason that they never get human responses to their support emails.
WazirX Referral & Crowdfire Affiliate Truth: Sameer Mhatre’s Luring Method
If Sameer Mhatre’s cons are so well-known, where does he find his victims? The solution is a deceptive recommendation system.
The reward structures of both WazirX and Crowdfire are appealing. Although few people make money through these referral networks due to their unethical terms and conditions, they are excellent at fooling those who aren’t in on the scam.
The little print is often overlooked. Therefore, many believe they may make a fortune by spreading their referral code.
Although Sameer Mhatre has the heart of a monster, he is a shrewd businessman. He may make a sale even though the goods are useless.
Crowdsourcing Referral Scheme
According to Crowdfire, each consumer can earn up to $420. Although $420 sounds like a lot of money, it’s practically impossible to earn due to the company’s stringent requirements.
Sameer has made it incredibly difficult to get any money through the referral system on Crowdfire.
If a customer you refer signs up and uses your referral code, Crowdfire says you’ll get 35% of their payments for the first year. The catch is this, though:
You need to have at least $50 in earnings before you can withdraw, and no single customer can pay more than $420.
Let’s say you manage to convince someone to pay the $9.99 monthly fee for the “Plus” membership. Your estimated lifetime commission for keeping them as Crowdfire members are $3.4.
Keep in mind, too, that you won’t get paid unless they sign up using your unique referral code. What a fantastic opportunity!
The company that Sameer works for boasts an endless customer referral program. But I’ll talk about that later.
Referral Program for WazirX
WazirX also provides a referral program that pays up to 50% of your referral’s trading profits. They, too, like Crowdfire, make uncapped profit assertions.
But if they utilize the Android or iOS app, you won’t get any rewards for referring them to WazirX. The likelihood of someone signing up for WazirX using a “browser” is low, given that 90% of the world’s internet population utilizes cell phones.
It’s quite difficult to make money using these referral programs. However, it may encourage people to begin advertising the products without considering the quality.
For this reason, when WazirX got into hot water due to the ED notice it received, people began coming to its defense. They didn’t give a hoot if Sameer’s business was suspected of laundering cash. If they want individuals to use their referral code, they will need to spread the word about the product.
Surely, finding a money launderer isn’t worth more than that $3.4.
Beware Of Sameer Mhatre
One of India’s most notorious crypto fraudsters is named Sameer Mhatre. His accomplice, Nischal Shetty, and he are out to rob Indian crypto enthusiasts. Their businesses care nothing about their customers and provide them with subpar goods and services. They employ dishonest advertising strategies to lure in more customers.
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