Pradeep (name changed) who entered into stock trading with the hope of making profits and passive income, fell into the trap of an account handling scam which resulted in the loss of more than ₹8 lakh.
However, he took action at the right time and with our team’s help, recovered ₹3,18,000. Let’s get into the complete details to understand how this kind of scam works and how our team worked to get the refund of his losses.
It All Starts With Greed
In the world of trading, everyone wants to make quick gains. Dreaming of quick gains is common in trading. So, when someone promises high profits, it’s easy to be tempted.
But what if the person you thought to be an expert, turns out to be a scammer?
Well, that is the reality in almost all such cases, where unauthorized individuals or companies contact new traders, promising them high returns and quick gains through account handling and profit sharing.
Many beginner traders don’t realize that these services, offered by unregistered entities, are scams. As a result, they often lose their hard-earned money.
This is something that happened with Pradeep who joined one telegram group of the Research Analyst Company. But after losing all his capital he realized that not only the company was fake but the individual was also unauthorized.
The Telegram Temptation
It all started when Pradeep joined one telegram group where the unauthorized RA Mr. Piyush (name changed) claimed himself to be an experienced trader and offered Pradeep Account Handling Services in return for 35% profit sharing.
Being new to trading, Pradeep thought it was a good deal and decided to start with a small amount.
Piyush encouraged him to add more funds, citing favorable opportunities due to the election results
Piyush agreed, added ₹2 lakh to his trading account, and shared the details with Piyush. No wonder he made a good profit in a day and as per the agreement shared 35% profit on the UPI shared.
Seeing such huge profits, Pradeep faith on their experience increased.
A few days later, Pradeep received a call from a lady named Savitri who claimed herself to be the senior analyst. She talked about her experience and success to date.
Seeing the right opportunity she then asked Pradeep to add more amount in the trading account to double his invested amount based on current market volatility.
Encouraged by earlier gains and blinded by greed, Pradeep added another ₹3 lakh to his trading account.
The Nightmare Begins
One morning, Pradeep logged into his trading account and couldn’t believe his eyes. The account, which had shown lakhs of rupees in profit, was now completely wiped out. Zero balance.
Confused and panicked, he immediately reached out to the team. Their shocking response was: ‘Add ₹50,000 more, and we’ll recover the losses
It was then that the reality of the scam began to sink in. The people he trusted to handle his account weren’t professionals—they were fraudsters preying on his trust and greed.
Taking a Stand
Initially, every attempt to report his concern ended in disappointment. But to give it a last try he reached out to our team.
Our team listened and understood his case and found that the company was not SEBI registered and along with ₹5 lakh trading amount, Pradeep has lost ₹3.20 Lakh in profit sharing.
Our team guided him and mentioned that since it was an unregistered entity, Pradeep could only claim the refund of ₹3.20 lakh. With our support, he filed a cybercrime complaint after understanding the regulations and acknowledging his mistake.
Initially, he didn’t get any positive response from the Cyber Police itself, but he stayed positive. Our team coordinated with him in every action.
After proper investigation, Cyber Crime froze the suspect bank account. This turned things towards Pradeep. The scammer who initially was asking Pradeep to add more funds to recover losses, eventually reached out to him through his lawyer.
The final agreement was presented with the complete details of the refund. Eventually, after months of the fight, Pradeep successfully got a refund of ₹3,18,952.
Out of the total amount ₹2,68,952 was credited to the bank while a cheque of ₹50,000 was issued in the name of Pradeep.
The Hard Lessons Learned
Pradeep’s story is a harsh reminder of the dangers of account handling and the traps set by fraudsters on platforms like Telegram. Here’s what we can learn:
- Too Good to Be True: Promises of doubling your money in a week should set off alarm bells.
- Unauthorized Profit Sharing: SEBI strictly prohibits unregistered entities from handling accounts or sharing profits. Further only registered Portfolio Managers can handle the account with a minimum value of ₹50 lakhs.
- The Cost of Greed: Greed can cloud judgment, making even the smartest individuals vulnerable to scams.
Conclusion
Every trader enters the stock market with the dream of making quick profits and growing their wealth. But this impatience generally makes them fall into the trap of scammers where instead of making money they often lose their entire capital.
This is why it’s crucial to verify the credentials of anyone offering trading services. Ensure they are SEBI-registered and have a track record of ethical practices. If you sense anything suspicious, don’t hesitate to report it to SEBI and cybercrime authorities.
Pradeep’s story isn’t just a cautionary tale—it’s a wake-up call. In the world of trading, trust is earned, not bought. Don’t let greed or promises of quick riches lead you into a trap. Stay informed, stay cautious, and remember: no one cares more about your money than you.
