Call tips & recommendations, the most common scams happening around. Some get reported and other continue looting you by changing their names & identity.
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 trap in these 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 tell your concern?
Rajesh: Sir, 3 months before I received a call from Unknown number. It was from an advisory firm based in Indore. They asked me to join their telegram channel where they provide tips to trade in options.
Initially, I denied but then they convinced me by providing 2-days demo tips.
ADB: Did the tips work?
Rajesh: Yes, I earned a profit of ₹1000 first day. Then they asked me to buy a monthly plan of ₹10,000 where they assured of guaranteed return of ₹1000-₹1500 per day.
ADB: Guaranteed return? That’s suspicious. What happened next?
Rajesh: For first few days, they provided tips and I earned profit. Later they called me and said that you can 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 use to give BankNifty tips and When I used to call them they just say that wait for sometime soon your position will ITM and you will 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 lakhs in trading. I took loan to pay fees to them & trade in the market.
ADB: This is purely the case of Telegram scam and since the entity was not registered with SEBI there is not chance of getting your trading losses back. However, you can report the case to SEBI where you might get the fees amount of ₹1.5 lakh back.
Rajesh: Okay sir, Thanks!
ADB: You’re welcome and don’t delay to report telegram scammer.
Telegram scams have the sole objective of looting your hard-earned money in the name of fees. They have no idea about trading, and in most cases, they just copy tips from another registered platform and forward them to traders like Rajesh.
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, such incidents have a major impact on their psychology which make a person fearful and lead 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.
