We have all seen those tempting messages on Telegram. The ones promising sure-shot trades, triple-digit returns, and a guaranteed way to flip your savings into a small fortune overnight.
It feels like you have finally found that secret shortcut to market success, but far too often, it is nothing more than a digital trap waiting to snap shut on your capital.
Recently, the market regulator SEBI finally caught up with the people behind two massive Telegram channels, Intraday Jackpot and Professional Day Trading Institute, in a ₹9 Crore Telegram scam.
What started as a simple platform for tips turned into a sprawling operation that siphoned massive amounts of money from unsuspecting retail traders.
In this blog, we are going to break down how this scam worked and how to keep your money safe.
SEBI Action Against Telegram Trading Channels
This order is a serious wake-up call for anyone following anonymous market “experts.”
SEBI found that a group of individuals, primarily led by Akshay Kumar, was running these popular Telegram channels to act as investment advisers and research analysts without any legal registration. 
The Intraday Jackpot channel was created as far back as September 19, 2019, and the operation ran all the way until March 2024. That is nearly five years of exploiting trusting retail investors.
They weren’t just chatting; they were actively collecting massive subscription fees from unsuspecting retail traders for paid tips and trading calls.
Why Did SEBI Pass This Order?
SEBI acts as our market watchdog, and when things go sideways, they are quick to step in and hold people accountable.
This is what happened in this case as well! 
The trouble started when a victim who lost money filed a formal complaint. When SEBI started investigating, it blew the lid off a calculated scheme designed to trap retail investors. The key violations being done were as follows:
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Operating Without a License
Imagine walking into a hospital and finding out your doctor has no medical degree. That is exactly what happened here.
Not a single person in this operation was registered with SEBI, which is the most basic legal requirement before anyone can advise others on their money in India.
Without being registered, a person can only engage in providing educational content. But it was clearly visible that they were taking subscription charges from their clients to provide trading tips.
This was the first violation of SEBI rules and not the one that can be ignored.
Because if you are dealing with someone who is not registered, then you are on your own. The responsibility for money is in your hands only.
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Deceptive Marketing
They showed impressive labels like “NISM certified” and made bold promises of “sure shot” and “highly safe” returns. 
The channel actively advertised things like “Highly Safe Call (Daily 5K to 10K Earn)”, “8 to 10 sure shot positional trades in a month with 100% to 200% returns”, and “Sure shot daily 200 points.”
Their website even claimed 90 to 95 percent accuracy with a risk-to-reward ratio of 1:3 and positioned itself as “a consultancy company specialised in Indian Stock Market Growth.”
Here is the truth, though: Nobody in finance can guarantee returns. Anyone promising otherwise is not advising you. They are deceiving you.
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Massive Unauthorised Collections
Using popular platforms like Rigi and Cosmofeed, they quietly collected subscription fees from trusting investors and funnelled the money into multiple bank accounts.
By the time SEBI stepped in, the total had reached a staggering ₹9.02 crore. 
- Akshay Kumar was the primary beneficiary, collecting approximately ₹6.30 crore.
- Mithun Sah independently collected around ₹1.92 crore in his own IndusInd bank account
- Arjun Sah collected approximately ₹80.36 lakh.
Beauti Kumari, the fourth noticee, provided her PAN credentials to create a Rigi account that was used to collect subscription fees, though she did not directly collect the money herself.
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Misleading the Public
They painted a picture of life-changing profits while conveniently skipping the part about market risks. SEBI calls this “mis-selling”, and it is a serious violation of fair trading standards.
Real people made real financial decisions based on lies, and that is where the damage truly hit.
This was not a case of bending a few rules. It was a calculated scheme that preyed on people’s financial hopes, and it is exactly the kind of operation SEBI exists to shut down.
What Penalty Did SEBI Impose?
The consequences hit hard, and they were meant to.
SEBI did not go easy on the people at the centre of this mess. Akshay Kumar, Mithun Sah, and Arjun Sah have been ordered to pay back every single rupee they collected from investors.
But that is not all. All three are barred for two years or until they file a CA-certified refund completion report with SEBI, whichever is later.
The ban does not automatically end at two years if refunds are pending.
That means no trading, no advising, no involvement whatsoever. They are now locked out of the very market they exploited.
There were six noticees, but only five were formally investigated with findings. The SCN was served to all six, but Beauti Kumari (Noticee No. 6) never responded or appeared despite notices being published in newspapers.
Also, Ravindar Thakur and Rubi Kumari, Akshay Kumar’s father and wife, were exonerated as SEBI found no proof of their direct involvement despite their bank accounts being used.
The remaining four, Akshay Kumar, Mithun Sah, Arjun Sah, and Beauti Kumari, were each penalised ₹10 lakh.
Beauti Kumari was penalised for providing her PAN credentials, but was not asked to refund any amount since she did not directly collect investor money.
It is a loud and clear message from SEBI that if you play games with investors’ hard-earned money, there will be a real price to pay.
Key Learnings For You
This case proves one thing beyond any doubt. If a deal looks too good to be true, it almost certainly is.
Before you ever think about paying for a trading tip, keep these lessons close to your heart.
- Always check the SEBI website to verify if your “adviser” is actually registered before trusting them with a single rupee.
- Remember that anyone promising guaranteed profits or 100% accuracy is simply lying to your face because the market guarantees nothing to nobody.
- Never let a large subscriber count or fancy profit screenshots fool you into believing someone is legitimate because numbers on a screen can be fabricated in seconds.
- Once your money is gone to these unregistered operators, getting it back is a long and painful legal battle that most people cannot afford to fight.
Your money represents your time, your effort and your dreams, and it deserves far better than a shady Telegram tip.
What To Do If You Face a Similar Situation?
If you ever find yourself stuck in a doubtful situation, acting quickly can make a real difference. The sooner you report, the better your chances of limiting damage and helping authorities take action.
1. Preserve All Evidence Carefully
Do not delete anything, even if it feels minor. Save screenshots, emails, bank statements, and call records.
These pieces of evidence can play a crucial role in proving your case and strengthening your claim.
2. Raise a Complaint in SCORES
If your issue is related to an investment or trading service, you should also file a complaint on SEBI’s SCORES platform.
This ensures that the regulator is aware of the issue and can take action against registered or unregistered entities involved.
3. File a Complaint in Cyber Crime
Your first step should be to report the incident on the official National Cyber Crime Reporting Portal.
This is especially important in cases involving online fraud or quick money transfers, as early reporting can sometimes help in freezing the funds.
4. Lodge an FIR at Your Local Police Station
Visit your nearest police station and file an FIR under the relevant sections related to cheating and cyber fraud.
This step gives your complaint legal backing and is often required for further investigation or recovery processes.
Need Help?
We understand how frustrating it feels to lose your hard-earned money to something you believed was genuine. The confusion, stress, and urgency to act can feel overwhelming.
But the right steps taken at the right time can make a big difference.
If you need guidance or support, you can reach out to us with your details. We will review your case and help you understand the best possible way forward with complete clarity and honesty.
Conclusion
This case is a simple reminder that easy money in the market is rarely real. What looks like a smart opportunity can quickly turn into a costly mistake if you do not question it.
While the Securities and Exchange Board of India has taken strict action, the real responsibility still lies with you as an investor. Always verify before you trust and never fall for guaranteed profit claims.
In the end, protecting your money is always better than trying to recover it later.
