Imagine losing your life savings to someone who promised to double your money every month.
Sounds too good to be true?
That’s exactly what happened to hundreds of Indian investors who trusted Profit Money Adviser.
Profit Money Adviser Details
Profit Money Adviser appeared to be a legitimate investment advisory firm.
The firm claimed to be “India’s leading advisory firm” offering expert advice on stocks, derivatives, commodities, forex, and even cryptocurrencies.
Their website looked polished. Their services seemed comprehensive. Their promises were extraordinary.
Profit Money Adviser was never registered with SEBI. It had no qualified analysts. It had no track record.
It was just one man with a laptop and a bank account.
The Man Behind the Scheme: Prateek Singh
Prateek Singh was the sole proprietor of Profit Money Adviser.
He operated from a small shop in Bhopal—Shop No. 3, Danish Nagar, Bawadia Kalan, on Hoshangabad Road.
What makes his story particularly disturbing is the systematic way he built his fraud.
On December 2, 2019, he registered the website profitmoneyAdviser.net.
Just nine days later, on December 11, 2019, he opened a bank account with the Central Bank of India specifically for this business. The timing wasn’t coincidental. It was calculated.
He created multiple subscription packages ranging from ₹10,000 to ₹7.5 lakh. Each package came with impossible promises.
Some packages claimed to deliver 30% monthly returns. Others promised 100% monthly returns. The most expensive packages guaranteed 200% returns every single month.
Of course, none of this was real. But the promises were attractive enough to trap 701 investors.
Major Regulatory Actions on Profit Money Adviser
The complainant alleged that Profit Money Adviser was operating as an unregistered investment advisory firm.
It was giving investment tips without proper authorization. It was offering packages with guaranteed returns, which is a classic red flag for fraud.
SEBI took the complaint seriously and began investigating. What they found was alarming.
SEBI Interim Order Against Unregistered Investment Adviser
What Happened?
SEBI took action against M/s Profit Money Adviser (PMA) and its owner, Prateek Singh for running an unregistered investment advisory service and promising fake high returns to investors.
Suspected violations:
- SEBI (Investment Advisers) Regulations, 2013
- SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003
A Formal Complaint
The case began with a complaint filed on November 4, 2020, alleging that Profit Money Adviser was:
- Operating as an unregistered investment advisory firm
- Providing investment tips and stock recommendations
- Charging fees for promised high returns
- Not registered with SEBI in any capacity
SEBI’s Key Findings & Prima Facie Observations
1. Unregistered Activity
PMA and Prateek Singh were NOT registered with SEBI as investment Advisers.
Despite this, they openly offered paid Advisery services across equity, derivatives, commodities, forex, and cryptocurrencies.
2. Misleading Promises & Assured Returns
PMA advertised monthly returns ranging from 30% to 200%, which is highly unrealistic and misleading.
Such promises actively concealed market risks and were deemed fraudulent under SEBI’s PFUTP Regulations.
3. Large-Scale Money Collection
Between December 11, 2019, and March 4, 2021, PMA’s bank account received 701 credit transactions totaling ₹68,48,431.
Payments were also collected via PayTM (+91 09368967), which remained active at the time of SEBI’s investigation.
4. Digital Presence & Advertising
PMA operated a website (profitmoneyAdviser.net) and used WhatsApp and PayTM to attract clients.
The website offered various packages with fixed fees and promised returns, clearly positioning PMA as an investment Adviser.
Show Cause Notice
PMA and Prateek Singh were given 21 days to respond and request a personal hearing.
SEBI may impose further penalties, including:
- Refund of all fees collected
- Debarment from the securities market
- Prohibition from associating with any registered intermediary
SEBI’s Final Order Against Profit Money Adviser
On October 29, 2021, SEBI passed a final order against M/s Profit Money Adviser (PMA) and its owner, Prateek Singh.
This order confirmed the earlier interim actions and added strict penalties and refund directions.
This is the final chapter in a case that started with a complaint in 2020.
SEBI’s Final Punishment & Directions
Must Refund All Money
- Within 3 months, PMA must refund every rupee collected from investors.
- Refunds must be through bank channels only (no cash).
- Must publish public notices in newspapers (English, Hindi, local) about the refund process.
Banned from the Market
- Debarred from the securities market for 2 years (or longer if refunds take time).
- Cannot associate with any listed company or SEBI intermediary for 2 years.
- Cannot act as an investment adviser without SEBI registration.
Assets Frozen Until Refunds
- Cannot sell any assets (property, shares, mutual funds) except to make refunds.
- Bank accounts remain frozen – only refund withdrawals allowed.
Must Resolve All Complaints
- Must resolve all pending investor complaints within 30 days.
- Must submit a certified refund report by a Chartered Accountant to SEBI.
Impact of Such Violations on Investors
Imagine you’re scrolling online, looking for ways to grow your savings. You see an ad:
“Earn 100% Monthly Returns! Guaranteed! Sign Up Today.”
It’s from Profit Money Adviser. They have a professional website, customer reviews, and WhatsApp support. You think: “This could change my life.”
You invest ₹50,000 and choose their “Premium Package.” They promise ₹50,000 profit in a month. You wait excitedly, checking your portfolio daily.
But then silence.
No calls. No tips. The website disappears. Your WhatsApp messages go unanswered. Your ₹50,000 is gone. And you’re not alone, 701 people just like you lost over ₹68 lakhs in total.
Just like given in the order:
Because SEBI stepped in:
- Your money may come back.
- The scammer is banned and punished.
- Others are warned and protected.
Now what you can learn from this:
- Always check SEBI registration before taking advice.
- Never believe in guaranteed returns – it’s a red flag.
- Report suspicious schemes to SEBI.
What Can You Do In Such Cases?
If you are a client or investor who faced issues with Prateek Singh, Profit Money Adviser, or similar unregistered investment Advisery schemes, you are not alone.
Our dedicated team specializes in supporting investors in situations like these.
We provide end-to-end guidance to ensure your grievance is clearly documented and effectively escalated.
- Initial Consultation & Case Assessment
We arrange a confidential discussion with a dedicated Case Manager who will listen carefully to your full experience with Prateek Singh, Profit Money Adviser, or similar fraudulent schemes.
- Professional Case Documentation & Drafting
We help you prepare a structured, persuasive, and legally sound complaint that outlines:
- The misconduct you experienced
- Any financial losses incurred
- Specific SEBI rule violations (such as operating without registration, making false promises of guaranteed returns, or fraudulent trade practices)
- Direct Engagement & Escalation
- Reaching out to Prateek Singh: We guide you in formally communicating your complaint to the Adviser, which is often a required step before approaching SEBI.
- Filing on SEBI SCORES: We assist you in filing a complaint on the SCORES portal and help you track its status and respond to SEBI queries.
- Exploring SEBI Smart ODR: If eligible, we can guide you through the SEBI Online Dispute Resolution platform for a faster resolution.
- Advisery & Strategic Counselling
Our experts provide realistic advice on potential outcomes, possible recovery avenues, and expected timelines based on similar cases against unregistered investment Advisers.
If responses from Prateek Singh or initial SEBI actions are unsatisfactory, we will help you explore further options and file an arbitration and represent your case on your behalf.
So, register with us today, and let our experienced team guide you toward a fair resolution.
Conclusion
The story of Prateek Singh and Profit Money Adviser is a cautionary tale that every investor should remember.
It reminds us that professional-looking websites and smooth-talking promises mean nothing without legitimate credentials.
It teaches us that if something sounds too good to be true, it almost certainly is. It shows us that fraudsters are sophisticated, patient, and entirely willing to destroy lives for profit.
Before you hand over your hard-earned money to any investment Adviser, take these simple steps. Verify their SEBI registration.
Question their promises. Understand the risks. Read the fine print. Take your time.
The Profit Money Adviser fraud trapped over 700 people and collected nearly ₹70 lakh. But it was eventually stopped.
Prateek Singh’s assets were frozen. His activities were shut down. Justice, while slow, is being pursued.
Your vigilance can ensure you never become another statistic in the next fraud case. Your awareness can protect not just yourself but also your family, friends, and community.
Stay safe. Stay informed. Stay protected.
