Stock market courses are meant to provide valuable information and education to potential traders and beginners. However, the influence of some financial influencers has turned these courses into avenues for scams. This has not only led to people distrusting stock market education but has also distanced them from trading in the share market.
Recently, we came across one such case, and here is what we found out.
ADB: Hi Krish (name changed), I am calling from A Digital Blogger. Your case has come to my attention. Can you verify the details?
Krish: Sir, my name is Krish. I purchased a course from a YouTube channel, Amvex (name changed).
ADB: Okay, so is it verified with the NISM?
Krish: Yes, they provide a course about the stock market, including technical analysis and how to earn money through social media handles.
ADB: Okay, and what is the cost of the course?
Krish: The cost of the course is 30,000 plus GST. They even promised that if they were not able to satisfy us, we could claim a refund. There were some demo classes that we took.
ADB: So, was it worth it for you? Did you buy the course?
Krish: It was worth watching, so we made the payment, but then they disappeared.
ADB: So, what happened then?
Krish: They don’t even pick up our calls and never reply on WhatsApp.
ADB: There have been similar cases, and our team is focusing on how to prevent these issues. Do one thing, can you send all the proofs to us so that we can understand the concern and file a case against them with cyber securities?
Krish: Okay sir, I’ll send all the details to you and even file a case against them.
ADB: Okay Krish, thank you.
Now what are the learnings from the above case:
Scams and frauds can be reduced to much extent if you stay informed and validate everything before making any transaction.
