There are instances where we get random calls to invest in the stock market. You might have encountered such calls, but is it right to follow them?
Well, there could be a scammer on the other side.
It is therefore important to stay alert while dealing with such calls and not to fall into the trap, especially when someone insists you make an investment.
Shekhar: Hi Sir, I wanted to share my experience with a stock market scam. It’s been quite a stressful ordeal.
ADB: Oh no, Shekhar. What happened?
Shekhar: I didn’t know anything about the stock market, and I wasn’t even ready to learn. But one day I got a call and the person on the other side insisted me to make an investment in share market. They kept calling me, saying I didn’t need to do anything, that they would handle everything.
ADB: And you believed them?
Shekhar: Initially, I refused. I told them I didn’t have any capital to invest. But they kept insisting, saying they could arrange the capital for me. They just needed me to register with ₹3000.
ADB: So, you paid the registration fee?
Shekhar: Yes, I did. But then they said it wasn’t enough and asked for another ₹4000 for my file, claiming it was 50% necessary for the fees. I paid that too. Then they said they couldn’t arrange the fund for my capital and asked me to add funds to my demat account.
ADB: How much did you add?
Shekhar: I added ₹5000 to my demat account. But they said it was still not enough and asked for more. I was frustrated, but I added another ₹4000. After that, they made some profit, around ₹15000.
ADB: Did they ask for more money after that?
Shekhar: Yes, they did. They said since they had helped me make a profit, I should pay the package fee of ₹17290. I thought since I made a profit, I should pay it. Then they promised a jackpot entry, which cost ₹41000, and asked me to pay half, assuring me I would make a ₹1 lakh profit by evening.
ADB: Did you pay the ₹20000?
Shekhar: Yes, I did. But now I realize it was all a scam. I haven’t seen any of the promised returns.
ADB: Rahul, this is a classic case of fraud. It’s important to report this to the authorities and spread awareness to prevent others from falling into the same trap.
Do you have all the proofs and evidence of payments you had made?
Shekhar: Yes, I have bank transaction details.
ADB: Great! you can go ahead by documenting all those evidences and report this to SEBI. Hope, you will get your amount. In case, you need further assistance, feel free to contact!
Shekhar: Sure, I will do that.
When it comes to investment, it is your hard-earned money, and therefore it is important for you to be responsible for it. Getting lured by promises of profits and following tips and recommendations blindly eventually leads to bigger losses.
So, before taking any investment service, make sure you validate the details and ask as many questions as you can to avoid falling into a trap.
