Most of the time we come across the news headlines and videos about certain scams in the stock market. And most of these matters never open and get buried under everyday news and other matters.
But if the victim takes the right step and proceeds by following the right steps and procedure then there are chances that he or she gets recovery of their lost amount.
Recently, we came across a case where a sub broker was doing account handling of the client.
Initially he just provided tips with which the client earned a profit of around ₹50k. After gaining trust, he asked the client to share his credentials for account handling.
Client who was happy with the services shared his account details but later faced a loss of ₹5.5 lakh.
Now this loss was not because of the trades he did but due to the brokerage he charged. As per the client, initially the sub-broker charged him the brokerage of ₹20 per trade but account handling he charged the brokerage of ₹20 per lot.
And to make money from brokerage he did multiple trades in the client’s account in a day. The client came to know about this when he received a contract note at the end of the day which was of the amount ₹5.5 lakh.
Client first tried to have a mutual discussion with the sub-broker but didn’t get any positive response. He then decided to take this case further with the help of our Fraudfree team.
Our team coordinated with him and filed the report to SEBI Scores portal and ensured the regular follow-ups.
Now, when SEBI took action against the sub-broker, he contacted the client where he agreed to do a mutual discussion and to close this by initiating a refund of some amount .
