The quick rise of social media has changed how financial information is consumed in India. Financial influencers, known as "finfluencers" have become important sources of investment advice especially amongst young and newbie investors, for whom digital platforms such as YouTube, Instagram, Telegram and X (previously named Twitter) serve as valuable sources of financial information. While finfluencers have democratized financial education and enhanced participation in financial markets, these developments have come with significant risks linked to noise, market manipulation, unregistered investment advice and financial fraud. The increase of pump-and-dump schemes, deceptive stock recommendations, undisclosed sponsorship deals and exaggerated claims of profitability has raised the alarm of regulatory authorities and investor protection agents. The research aims to study the influence of finfluencers on investing patterns of young people and analyse risks connected with fraudulent practices emerging in influencer-supported financial content. The qualitative research is conducted via secondary data studies, including literature reviews, monitoring of regulatory developments and gathering industry reports. The results indicate that young investors are particularly vulnerable because of their high illiteracy levels in finance, FOMO, overconfidence and excessive trust towards social media personalities. The research concludes that while finfluencers may be beneficial in terms of raising financial literacy, there could be a need for stronger regulations, digital literacy programs and relevant disclosure requirements.