Following Youtube channel to learn stock market is never wrong. What’s wrong is following them blindly.
Recently, Anukul (name changed) approached our team and shared his experience of how a fake finfluencer by sharing his story of financial struggle gain trust of his audience and later claimed guaranteed return on account handling.
Read the conversation of Anukul with our team and learn how his negligence and blind trust on his favorite finflunencer leads to the loss of ₹5,00,000.
Anukul: This incident happened around June or July 2023. There is a YouTube channel named “Jaadu of Chart,” (name changed) which also has a Telegram channel where they provide tips.
The person running it is named Yogender (name changed). The tips he provided required acting within minutes, so he suggested giving him the account for handling, and he would manage it.
He gave some guarantees, such as adding a certain amount of capital to the demat account, and he would ensure profits.
ADB: What made you trust him with your account details?
Anukul: This YouTuber shared his backstory about his financial struggles, which made us trust him. So, I gave him all the account details. I use a Zerodha account, and I added ₹500,000 as capital.
We had a profit-sharing deal where I would give him 40% if he made profits for me, and I would keep 60%. He told us that he would make a minimum profit of ₹2.5 to ₹3 lakhs.
ADB: Did he make any profits initially?
Anukul: Yes, he made ₹1.5 lakhs in the first month, which we shared in a 60:40 ratio. In the second month, the profit was halved, but we still shared it. However, in the third month, he lost all the capital.
ADB: What happened after the loss?
Anukul: After the loss, he blocked me everywhere, and I have no way to contact him. That’s how I lost my entire capital.
ADB: Was he using any specific tools or software?
Anukul: Yes, he was using software to handle the accounts of 15-20 people.
ADB: Did you take any courses from him?
Anukul: No, I didn’t take any courses, but he also sells courses for ₹35,000. He is not registered with SEBI.
ADB: You mentioned that he is not registered with SEBI. Have you taken any steps to report this issue?
Anukul: Yes, I have already sent an email to SEBI about this.
ADB: That’s good. If you need any further assistance, we can guide you on how to proceed with SEBI and ensure that your complaint is properly addressed.
Your investment must be as per your risk management and therefore you must be not allow anyone to take any kind of investment decisions on your behalf.
Above all, account handling is against SEBI rules and further there is no such thing like guaranteed returns in the share market as it is not difficult but impossible to predict next move of the market accurately.
So, be responsible towards your money and stop falling in such traps of high returns and profit by such fake finfluencers.
Fake Finfluencer Managed My Account and Wiped Out My Entire Capital…!
