Call tips & recommendations, the most common scams happening around. Some get reported and other continue looting you by changing their names & identities.
In all, your awareness can only stop such scams from happening.
Now, who are the easy victims for such scams? Beginner traders who want to make money from stock market trading but do not want to invest their time in learning. They get trapped in such tips following scams and end up losing their hard-earned money.
Here is the case of Rajesh (name changed) who had no idea of options trading and was blindly following tips of one of the Indore based unregistered advisory firms.
Here is what happened to his money later.
ADB: Hello, Mr. Rajesh. Please share your concern.
Rajesh: Sir, 3 months ago, I received a call from an Unknown number. It was from an advisory firm based in Indore. They asked me to join their telegram change, where they provide tips to trade in options.
Initially, I denied it, but then they convinced me by providing a 2-day demo.
ADB: Did the tips work?
Rajesh: Yes, I earned a profit of ₹1000 on the first day. Then they asked me to buy a monthly plan of ₹10,000, where they assured me a guaranteed return of ₹1000-₹1500 per day.
ADB: Guaranteed return? That’s suspicious. What happened next?
Rajesh: For the first few days, they provided tips, and I earned a profit. Later, they called me and said that I could earn more profit per day by paying for another monthly plan.
ADB: What was that?
Rajesh: In that plan, they asked me to pay ₹60,000. I paid for that plan but after that their tips didn’t work and I ended up making losses. When I called them, they said that for loss recovery, I needed to buy another plan of ₹80,000.
ADB: Did it help?
Rajesh: No, I continued making losses. They used to give BankNifty tips, and when I used to call them, they just said that I should wait for sometime soon; your position will ITM, and you will be profitable. I had no idea of options, and this ITM & OTM, and my whole capital turned to zero.
ADB: This is terrible! So, how much money did you lose?
Rajesh: I lost ₹1.5 lakh in fees and another ₹2 lakh in trading. I took a loan to pay fees to them & trade in the market.
ADB: This is purely a case of a Telegram scam, and since the entity was not registered with SEBI, there is no chance of getting your trading losses back. However, there are other platforms and ways to get telegram scam money recovery to get the full fee amount of ₹1.5 lakh back.
Rajesh: Okay, sir. Thanks!
ADB: You’re welcome, and don’t delay and report a telegram scammer.
Most people get trapped in such scams because of their unawareness of ‘Can you get scammed on telegram‘. Victims follow telegram tips without an idea that the scammer on the other side is not registered and most of the time just copy tips from another registered platform and forward it to them.
It is high time for you all to be cautious and not follow any kind of tips and advisory services blindly.
Apart from financial loss, telegram scams in India have a major impact on their psychology, which makes a person fearful and leads them to permanently drop the idea of trading in the stock market.
In simple terms, where they could have learned and gradually traded in the market, the unawareness and lack of knowledge made them lock this gate permanently.
