The Securities and Exchange Board of India (SEBI) apparently already has a team which monitors blogs and social networks such as Facebook and Twitter for stock fraud where manipulators try to influence people to buy certain stocks thereby driving their price up. But it is finding it difficult to perform the same task with Blackberry and WhatsApp messages.
An Economic Times story provides an excellent overview of some of the swindles that have hit India in the last couple of years and metes out some common-sense advice on how to avoid falling afoul of them. It covers the Rs. 24B SpeakAsia scam, the Rs. 11B StockGuru scam, Nigerian 419 scams, and a slew of minor affairs that go unreported.