“Bro, this stock’s going from ₹18 to ₹130 in just 2 months!”
“Adani is going to invest in this company.”
“It’s debt-free, fundamentally strong, and working on national projects!”
Sounds tempting, right? That’s exactly what thousands of retail investors heard when they clicked on videos from YouTube channels ‘Profit Yatra’ and ‘Midcap Calls’.
But as SEBI found out, this was a meticulously planned stock manipulation racket — and not just clickbait.
Let’s break it down.
The Setup: Who Was Behind the Atlanta Limited Scam?
Meet the main characters:
- Manish Mishra – The digital marketing “consultant” who owned and operated the ‘Profit Yatra’ and ‘Midcap Calls’ YouTube channels.
- Vivek Chauhan- A co-conspirator and friend of Mishra, is connected through business ties and WhatsApp chats.
- Ankur Sharma – Mishra’s brother-in-law.
- Entities like M.T. Corporation, Krone Investments, and individuals Himanshu Shah and Bankim Shah, who all coordinated trading to profit from the price manipulation.
How They Manipulated Stock Prices Using YouTube
The basic funda used by these YouTubers to increase stock price for their benefit is by talking only positively about such companies and creating multiple videos around it that make people, especially their followers, believe in them.
Here are the steps of how such YouTubers manipulate stock prices.
Step 1: Upload Misleading Videos
On October 2, 2022, two YouTube videos were uploaded promoting Atlantaa Ltd, a construction company with past debt issues.
The videos included bold claims:
- The price will go from ₹18 to ₹130 in 2 months.
- Adani Group is going to invest (completely false).
- The company has settled its debts and is now “debt-free”.
- Technical indicators (like RSI & MACD) are “bullish”.
Here’s the twist — these videos were aggressively promoted using Google Ads, with 99.6% of their views generated from paid advertisements.
SEBI estimates these videos got hundreds of thousands of views, deliberately amplified to create buzz and attract unsuspecting investors.
Step 2: Pump the Stock
Right after these videos went viral, the stock price and volume of Atlantaa Ltd spiked, especially from October 12 to October 19, 2022.
During this time:
- Mishra, along with M.T. Corporation, Krone Investments, and Ankur Sharma, bought the stock earlier at lower prices.
- They sold their holdings at inflated prices, making unlawful gains of ₹1.12 crore.
Step 3: Dump and Disappear
After the buzz wore off and the company clarified that Adani was never involved, prices eventually crashed, leaving retail investors trapped with losses.
What the Chats Revealed
SEBI dug into the WhatsApp chats between Mishra and Chauhan (Noticees 1 and 2). Here’s a snippet of their convo just before the video was posted:
Mishra: “Bhai kaamna nahi kamaana hota hai” (We’re not just wishing for gains, we’re making it happen)
Chauhan: “Bhai, es mein patti lagi hai” (We’ve nailed it with this one)
Mishra: “Haan isme hai, par bhai iska thumbnail galat hai” (Yes, but the thumbnail is misleading)
They knew what they were doing — posting sensational claims to manipulate viewers.
SEBI’s Action — Justice Served
SEBI didn’t let this slide.
After a detailed investigation and multiple hearings, here’s what they concluded:
- The videos were false, misleading, and intentionally deceptive.
- The accused colluded to create a coordinated “pump and dump” scheme.
- Profits were made at the cost of retail investors.
Penalties Imposed
- SEBI ordered disgorgement of ₹1,12,01,144.70 from Noticees 1, 3, 4, and 5 jointly and severally.
- They were banned from accessing the securities market for a specific duration.
- Noticees were also barred from associating with listed companies or any firm raising money from the public.
How Retail Traders Get Impacted?
The impact of such scams on retail traders is severe and often long-lasting, both financially and psychologically. Here’s a breakdown of how these pump-and-dump schemes—like the Atlantaa Ltd case—hurt everyday investors:
1. Direct Financial Losses
Retail traders who believed the fake YouTube videos and bought Atlantaa Ltd at inflated prices ended up:
- Buying at a peak created by artificial hype.
- Holding worthless or falling stocks once the manipulators sold off and exited.
- Losing significant capital, sometimes their entire investment in that stock.
2. Broken Trust in Markets
Scams like this shatter the fragile trust new investors have in:
- YouTube finance creators.
- The fairness of stock markets.
- Stock tips and technical/fundamental analysis.
Many affected traders exit the market permanently, feeling it’s rigged against the small guy.
3. Emotional & Psychological Damage
For retail traders, these scams cause:
- Guilt and self-blame for “falling for it”.
- Anxiety about making future investment decisions.
- Fear of missing out (FOMO) is turning into fear of getting scammed (FOGS).
4. Unrealistic Expectations from Stock Market
These scams promote get-rich-quick dreams:
- “₹18 to ₹130 in 2 months” sounds like magic.
- They condition traders to chase multibaggers without logic or diligence.
- When reality hits, traders either become gamblers or quit altogether.
5. Liquidity Trap
Once the stock crashes and manipulators exit:
- There are no buyers left, and traders get stuck with illiquid shares.
- Even if they want to exit, there’s no volume, leading to worse losses over time.
6. Reinforces Herd Mentality
Scams like these prey on viral content:
- “Everyone’s buying it, I should too.”
- YouTube ads, WhatsApp forwards, and clickbait thumbnails drive impulsive decisions. This kills the idea of independent research and creates cycles of manipulation.
Final Thoughts
“If it’s too good to be true, it probably is.”
This case is a wake-up call. Don’t trust anonymous financial tips on YouTube, especially when they promise unrealistic returns.
SEBI’s crackdown shows that digital manipulation using social media isn’t going unnoticed. If you’re investing based on YouTube advice, verify facts, cross-check sources, and follow credible research, not hype.
