Sameer Mhatre’s company, WazirX, recently received a Show Cause notice from the Enforcement Directorate. The notice is regarding illegal transactions worth INR 2.791 crores.
Before that, his company attracted negative attention for preventing users from trading during Bitcoin’s price fall earlier this year.
The following article explores Sameer Mhatre’s shenanigans and how this guy is ripping off Indian consumers:
About Sameer Mhatre, The COO of WazirX
Sameer Mhatre is one of the co-founders of WazirX, a notorious crypto exchange based in India. He oversees the technical aspects of the firm and is a full-stack developer.
Sammer runs WazirX with Nischal Shetty and Siddharth Menon. At first, there seems to be nothing wrong with this person. However, all of his ventures have resulted in many people receiving poor service and experiences.
There’s only a slight difference between a serial entrepreneur and a serial scammer. Sadly, Sameer falls in the latter category.
For example, Grant Cardone claims to be a renowned entrepreneur. But the numerous stories of people losing their life-savings because of Grant show a different picture.
The same is the case with Sameer Mhatre.
While Nischal Shetty is the face of the company, Sameer takes care of the firm’s backend. This has been the case for all the scams these people have launched in their career.
From One Scam To Another: Ugly Truth About Mhatre’s Last Company Crowdfire
Sameer claims to be a serial entrepreneur because he launched Crowdfire. Apparently, Crowdfire is a marketing platform. In reality, it’s a wicked company that harasses people until they give up and buy their services.
Crowdfire has a rating of 1.7 stars out of 5 stars on Trustpilot. At the time of writing this review, 86% of its reviews give it 1 out of 5 stars. Reviews that give it a 5-star rating are 0%.
The firm claims to be “the only social media manager you’ll need”. However, it fails at satisfying its own customers.
People complain that Crowdfire spams them and harasses their team members.
Reviews about Spam and Harassment:
This person complained about receiving non stop spam from Crowdfire. Sameer’s company sends hundreds of fake emails with spam. The reviewer says they might take legal action against Crowdfire.
Sameer Mhatre’s company doesn’t know how to perform proper email marketing. It’s clear from the above complaint. This consumer says Crowdfire is constantly harassing their teammates and uses their online available data to book sales team members maliciously.
According to this reviewer, Crowdfire spams them with different emails. As you can see, it’s a common issue with Sameer’s companies. They fail to market themselves effectively and rely on unethical strategies as a result. Later in my review, I have explained how Sameer Mhatre’s companies employ deceptive methods to get customers.
Reviews about Poor Product:
According to this complaint, Crowdfire is terrible at offering social media analytics. The tool wasn’t showing half of the posts they had made in the last 90 days. Even though Crowdfire had assured them that they would respond to any questions, they didn’t respond at all.
Like most of the reviews, this person also complained about the poor customer service. They wanted a refund but doubted if that was possible. At the end of the review, they suggested avoiding Crowdfire.
This person complained that Sameer Mhatre’s app is horrible. There is no option to cancel the subscription on Apple, which is horrible. It’s probably the most unethical tactic I have ever seen a business employ.
When this person contacted Crowdfire to cancel their subscription, the support said they can’t accept their request. Surely, Sameer and Nischal’s companies have no morals whatsoever.
This reviewer wanted to give Crowdfire 0 out of 5 stars. According to them, the company has the worst service possible. The company chooses videos incorrectly and offers horrible support.
They pointed out that Crowdfire doesn’t listen to feedback and takes too long to reply. Unfortunately, they had purchased the annual package. Like any other scam, Crowdfire refused to give them a refund.
Crowdfire charged this person for a second annual subscription even when they weren’t using the product. They had purchased the subscription only for a year. When they contacted the Crowdfire customer support, they didn’t get any responses. As a result, they couldn’t get a refund.
According to this review, Crowdfire doesn’t delete any kind of user data. This is harmful for user privacy. The reviewer wanted to try the free version of Crowdfire but then cancelled their account.
Sameer Mhatre’s company says in its FAQ section that it deletes user data when the account is cancelled. However, they didn’t. Crowdfire kept sending numerous ads to this consumer. On top of that, the company’s customer support didn’t respond to any of their emails.
The reviewer suspects that one person created the app and stopped caring about the customers. Because no matter what they send to the support email, they only receive automated responses.
Sameer Mhatre’s Secret to Luring Victims: WazirX Referral & Crowdfire Affiliate Truth
How does Sameer Mhatre get victims for his scams when they are so notorious? The answer is a manipulative referral system.
Both WazirX and Crowdfire have attractive referral systems. While the unethical terms and conditions of these referral systems ensure that very few people earn from them, they are great at deceiving others.
Not everyone reads the fine print. Hence, many think that they can earn handsomely by promoting their referral code.
Sameer Mhatre might be a heartless greedy monster, but he is a smart marketer. He knows how to sell a product that doesn’t work.
Crowdfire Referral Program
Crowdfire claims to give upto $420 for every customer. While the offer of earning $420 seems lucrative, it’s nearly impossible thanks to the difficult terms and conditions the firm has.
Sameer has ensured that it’s extremely challenging to earn a single penny from Crowdfire’s referral system.
Crowdfire claims to offer 35% of all payments a customer makes in the first year if they came from your referral code. However, here’s the catch:
You can’t withdraw unless you have earned $50 and you can’t receive more than $420 from a customer.
Suppose you get someone to sign up for their “Plus” membership which costs $9.99 per month. This would mean that you’d earn around $3.4 until they remain a Crowdfire member.
But remember, you’d only earn if they use your referral code to sign up. What a lucrative deal, isn’t it?
Sameer’s firm promises that you can get unlimited customers through their referral program. However, I’ll get into that later.
WazirX Referral Program
WazirX has a similar referral program where they offer 50% commission on every trade. Just like Crowdfire, they also promise unlimited earnings.
However, you can’t earn any commissions from your WazirX referral code if the person uses their Android or iOS app. Considering that 90% of the global internet population uses smartphones, chances are slim that the person using your WazirX referral code will sign up on “browser”.
Earning an income from these referral programs is nearly impossible. But it can motivate people to start promoting the products without caring about its quality.
That’s why when WazirX was in the weeds because of the notice it received from ED, people started defending the firm. They didn’t care that Sameer’s company might be involved in money laundering. After all, they must promote the product if they want people to sign up through their referral code!
Those $3.4 are more valuable than catching a money launderer, right?
Beware Of Sameer Mhatre & His Extremely Manipulative Methods
Sameer Mhatre is one of the most vicious crypto scammers in India. Nischal Shetty is his partner in crime and together they are targeting Indian crypto enthusiasts. Their companies offer poor products and services with no regard for their clients. To get more victims, they use unethical marketing tactics.
- Repeatedly Utilizes Unethical & Spammy Tactics To Promote Businesses
- Buries Criticism Using Deceptive Marketing & Biased PR
- Operating The Biggest Crypto Scam In India
- Promoting A Recruiting Scam
We need to report Sameer Mhatre and Nischal Shetty to government agencies so the right action can be taken against those two. Avoid Sameer’s companies at all costs.