In the world of trading, scams are nothing new. But every once in a while, one gets big enough to make even regulators step in and issue warnings. One such case is the Badshah Broking scam.
At first glance, Badshah Broking looks like any other financial advisory promising to help people “make money in the stock market.”
They use Telegram groups, WhatsApp messages, and even flashy dashboards to lure investors. But dig a little deeper, and you’ll see why the NSE (National Stock Exchange) had to officially call them out.
In this blog, we’ll break down what this scam is, how it works, what real users are saying, and why you should avoid it at all costs.
What is Badshah Broking?
Badshah Broking (also spelled Baadshah Broking) presents itself as a financial services provider that helps investors trade and earn profits.
Here’s what they usually claim to offer:
- Free or paid stock tips
- Access to VIP trading groups on Telegram/WhatsApp
- Exclusive “premium” stock lists
- A dashboard to track “profits”
On paper, this looks like a modern trading advisory. But the catch?
They are not registered with SEBI (Securities and Exchange Board of India).
That alone is a huge red flag because only SEBI-registered advisors are legally allowed to give stock market recommendations in India.
Is Badshah Broking Engaged in Dabba Trading?
One of the biggest red flags around Badshah Broking is its likely involvement in dabba trading, an illegal practice in India.
Here are some of the signs that Badshah Broking is involved in Dabba Trading:
- Users report profits on dashboards that don’t match actual market activity.
- Blocked withdrawals or sudden account freezes after deposits.
- High-pressure tactics to deposit more money with “guaranteed returns.”
- Lack of SEBI registration and warnings from NSE.
In short, while Badshah Broking presents itself as a legitimate trading platform, its operations strongly indicate illegal dabba trading, putting investors’ money in danger.
Badshah Broking Complaints
If you check online reviews, the complaints are shockingly similar. People from different cities, ages, and trading backgrounds share the same experience:
- “They showed fake profit screenshots” – Users say they were convinced to invest more money after being shown doctored screenshots of high returns.
- “My account was misused” – Traders report being tricked into giving their login details, after which their trading accounts were either misused or showed heavy losses.
- “They took the money and disappeared.” – After payments, many were blocked from groups and left with no way to recover their money.
- “Old data, fake dashboards” – Some realized too late that the transaction history on the website was years old and recycled to trick new users.
The common thread? Almost every victim felt cheated, helpless, and with no customer support to turn to.
Why NSE Issued a Fraud Alert?
The National Stock Exchange of India (NSE) took notice of Badshah Broking’s activities and, in September 2024, issued a fraud alert.
Here’s what NSE specifically mentioned:
- Unregistered Entity: Badshah Broking and its operators are not registered with SEBI, meaning they are not legally allowed to offer financial advice.
- Misleading Investors: They were luring investors with false promises of profits through Telegram groups, WhatsApp messages, and fake dashboards.
- Names Exposed: NSE listed the names Rahul Moladia, Aditya Jackson, and Sahil as the key people running the scam.
But the story doesn’t end there. Even in 2025, reports show that the scam is still active:
- On FirmSuggest (July 2025), people are still reporting how they paid ₹99, then ₹7,500–₹18,700, only to end up with fake dashboards.
- Dashboards still show outdated transactions from 2021, but to new victims, it looks real.
- On Reddit, traders are warning others with comments like “Avoid bro” and “Sounds bad, go with Goodshah B.”
- Since no arrests or enforcement action have been reported yet, the original NSE alert remains valid today.
This makes one thing very clear: Badshah Broking isn’t just history—it’s an ongoing fraud that’s still trapping people in 2025.
How to Report the Badshah Broking Scam?
If you or someone you know has been cheated by Badshah Broking, don’t stay silent. Reporting the fraud increases the chances of action being taken and prevents more people from falling into the trap. Here’s how you can do it:
1. Report to SEBI (Securities and Exchange Board of India)
- Go to SEBI
- Register and file a complaint by selecting the category “Unregistered Investment Advisers / Fraudulent Entities”.
- Attach all evidence – payment receipts, screenshots of Telegram/WhatsApp chats, phone numbers used, and fake dashboards shown.
2. Report to NSE
Since the National Stock Exchange (NSE) already flagged Badshah Broking in its fraud alert, you can directly send your complaint to them.
- Email: ignse@nse.co.in
- Helpline: 022 2659 8190 / 1800 266 0058
3. File a Cyber Crime Complaint
Most of these scams happen online through fake apps, Telegram groups, and websites. You can report it to:
- National Cyber Crime Reporting Portal.
- Or visit your nearest Cyber Crime Police Station and file an FIR.
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Conclusion
The Badshah Broking scam is a reminder that greed and shortcuts in trading can cost you heavily. Despite NSE’s fraud alert in 2024, the scam continues in 2025 under the same tactics, showing just how persistent these operators are.
If you ever come across groups or individuals promising guaranteed returns, fake dashboards, or asking for money up front, stay away. Instead, choose SEBI-registered advisors or learn trading through authentic courses.
Protect your money. Because in the stock market, the first rule is simple: if it sounds too good to be true, it probably is.
