It is an era of influencers. They shape the way we think, what we buy, and even how we see the world. Influencers rule every sector, whether in fashion, fitness, politics, or finance.

Social media platforms like Instagram and YouTube certainly offer the masses a chance to build massive fan followings and personal brands that rival traditional media at a much lesser cost. Until a few years ago, people used to shy away from even getting a picture clicked; shooting videos or reels was a far cry. Photographs were clicked only on special occasions and came with a sizeable cost.
With the advent of smartphones, everyone can access a camera and use the advanced features these phones have. Everyone has the potential to become a content creator. In fact, once you turn on Professional mode on Facebook, your profile is automatically set to the category "digital creator" category. It provides you with a dashboard showcasing data analytics on the reach your posts and reels have acquired, pushing you to post content regularly to gain more fans with options to monetise your content.
Data shows that India has 2.5 to 3.5 million (25-35 lakh) content creators across various social media platforms, and the number is growing rapidly. The influencer market is expected to grow at a compound annual growth rate (CAGR) of 25 per cent by the end of 2025, with a market size of 68.75 billion rupees (6,875 crores), a whopping 439 per cent growth from 12.75 billion rupees (1,275 crores) in 2022. By the end of 2027, this segment is expected to grow to 107.5 billion rupees (10,750 crores)! That's the power of content creation.
From a 70-year-old granny to someone as young as six years (of course, content is created by their guardians/parents in such cases), have been able to make their pages or accounts on social media, grab attention, earn money, influence the mindset of millions of their followers, with a one-minute video or even a shorter reel. The age-old Dadi ke nuskhe are no longer hidden, nor are those quick-fix weight loss recipes! In fact, the Internet is flooded with all kinds of "how-to-do" videos, be it finding a job or selling a product or, mastering manifestation or maximising your wealth!
Of course, this kind of content comes with its own risks. In most cases, content is created to motivate followers to subscribe to long-term services and generate long-term revenue streams in addition to earning money from the platform. However, none of these platforms guarantees quality of services. You will be in soup if you opt for such services or buy their products and are cheated. The government certainly has mandated that these platforms have appropriate grievance redressal mechanisms, but their effectiveness is yet to be gauged, especially in the case of financial fraud.
One such case that has grabbed a lot of attention is that of Asmita Patel, who calls herself the "She-Wolf of the stock market," akin to the Hollywood blockbuster "The Wolf of Wall Street". Just like any other influencer, she had a massive fan following, both on YouTube and Instagram. The self-styled investment guru positioned herself as an expert in stock trading. Her profile describes her as someone who has "pioneered the idea 'Trade in just 15 minutes a day,' without using any indicators/patterns." Now, anyone who can read between the lines and understands stock markets would refrain from consuming the content she posts as the stock market is all about trends, historical data, financial figures etc.

Her videos have been promising people that they can manage their portfolios independently by merely contributing 15 minutes a month! And they can learn all this by undergoing a course, for which she charges hefty money. Suddenly, the 15-minute formula gets extended to 30 minutes! Should it not ring alarm bells?
However, hundreds and thousands of people fell for this quick-fix formula. Her website offers three types of courses, including a free webinar and a masterclass, with a promise to give away a bonus Excel sheet, etc. Interestingly, she has not mentioned the cost of any of these courses on the website.
And she is not the only one. Several people who call themselves coaches, mentors, investment gurus, and so on follow similar strategies. In the name of free masterclasses (some charge a nominal cost so that it is valued) and freebies, they entice people, give a few mantras to impress the audience, and then encourage people to join their course.
During this masterclass, they repeatedly speak about the huge bonus that will be unveiled in the last half an hour of the class, ensuring that people stay hooked on the webinar till the end. In the last 30 minutes or so, they finally reveal the course fee, with a declaration that they are offering it at a throw-away price, and this offer is available only for the next 15 minutes or so for a limited number of seats. An online payment link is given to pay the fee, creating a sense of urgency and ensuring people don't have much time to think through it. This is how people end up signing up for such courses, only to find later that the course did not add much value. Or the tricks taught during the course do not work!
People also learn that the initial tricks taught during the masterclass were taken from a book available at a much lower price. Well, this is how the influencer market functions. This certainly does not mean that all influencers are inexperienced and everyone intends to commit fraud.
Coming back to Asmita Patel, SEBI's investigation revealed that she made a mere 13,700 US Dollars (11.8 lakh rupees approx) in trading profits over the last five years but earned more than 11.4 million dollars (98 crore rupees approx) selling courses. Her marketing tactics have duped hundreds and thousands of people of their hard-earned money.
Interestingly, India's retail investor base has grown exponentially from 36 million (3.6 crores) in 2019 to 150 million (15 crores) in 2023. Most of these people rely on self-styled investment gurus for tips and tricks to increase their wealth. India has only 950 registered investment advisors and 1400 financial advisors. This gap is being filled by people on social media offering advice, making millions of people vulnerable to misleading claims from such fin-influencers. The case should ring alarm bells.
In fact, this is just the tip of the iceberg. The recent data placed before Parliament paints a chilling picture that is both alarming and deeply unsettling. The data submitted by the finance ministry shows that people lost 20.3 million dollars (175 crores approx) to cyber fraud, including those committed through social media, during 2024, more than double the amount in 2023.
As the influencer economy continues to thrive, it is clear that social media is no longer just a platform for entertainment—it is a powerful marketplace of ideas, products, and financial decisions. However, with great influence comes great responsibility, and the lack of stringent regulations leaves millions vulnerable to deceptive marketing tactics and financial fraud.
The government might have mandated that social media platforms appoint a grievance redressal officer besides having a dedicated portal to register complaints, but it has failed to recover the financial losses that have occurred due to such financial frauds. In fact, a recovery rate of less than 10 per cent highlights the significant gaps in enforcing regulations and consumer protection. This only shows that a lot needs to be done to curb fraudulent activities besides creating awareness of cyber threats and safety measures.
The rise of artificial intelligence further complicates the landscape, making scams more sophisticated and harder to detect. To safeguard users in a true sense, the government needs to adopt a multi-pronged approach with stricter and effective regulations for financial influencers, mandatory disclosures, stronger consumer protection laws, and increased digital literacy among users. Only then can we ensure that this era of influencers does not turn into an era of unchecked exploitation.