Imagine checking your phone and seeing a screenshot of a staggering ₹19,000 profit from a stock market trade.
Accompanying the image is a reassuring text from your investment advisory representative:
“You can also earn profit like this, And that too on a daily basis.”
If you are struggling with market losses, you’d probably feel a wave of relief. You might think, “Finally, someone who knows what they’re doing.”
But behind these polished screenshots and confident promises lay a calculated web of psychological manipulation.
A detailed SEBI order pulled back the curtain on Abhishek Kumar Singh, the Proprietor of Supreme Investrade and Research Services.
Despite hiding behind layers of website disclaimers and signed “user consent forms,” Supreme Investrade was nailed by the regulator for misleading retail investors through everyday WhatsApp chats.
Here is exactly how the WhatsApp fraud operated, what the leaked chats revealed, and how real victims were trapped.
How Supreme Investrade Used WhatsApp to Scam Investors?
The SEBI order highlights 29 formal investor complaints.
When investigators scrutinized the actual WhatsApp message exports between Supreme Investrade’s 30+ sales employees and their clients, they found clear evidence of systemic manipulation.
1. The Guaranteed Daily Profit Bait
To get prospective clients to sign up for expensive advisory packages, Supreme Investrade representatives routinely shared fake trading profit screenshots allegedly earned by their other clients.
When a client named Mr. Axxx was being onboarded, a representative named Archana Jagtap textually bombarded him with these wins. The chat logs read:
Archana Jagtap (Supreme Investrade): “Ye mere customer k profit k screenshot he sir. Jo service may kam kar rahe he.” (This is my customer’s profit screenshot, sir. Who is working under our service)
Mr. Axxx: “Nice. Good”
Archana Jagtap: “Aap bhi is Tarah se profit earn kar sakte ho…. Aur woh bhi daily base pe…” (You can also earn profit like this… and that too on a daily basis…)
SEBI decided that it is illegal to promise guaranteed profits. Specifically, showing only screenshots of wins while hiding the risks and falsely claiming that people can make money every single day counts as guaranteeing returns, which is against the rules.
2. The “Loss Recovery” Trap
What happens when Supreme Investrade’s stock tips went wrong and investors lost money? Instead of pausing, the firm used those losses as leverage to extract even more money.
They operated just like typical stock advisors promising loss recovery, using your financial distress to pitch a more expensive, “premium” tier under the guise of an emergency rescue plan:
Representative: “Ek kam karte hai… mere senior jisnke under me kam karta hun… aap agar unke package ke trade pr kam karte ho to ek hi trade pr hamara ye jo loss dikh raha hai… vo nikal sakte hai hum… 100/120 points tak ka movement nikal ke de sakte hai.” (Let’s do one thing… my senior under whom I work… if you trade on his package, we can recover this visible loss in just a single trade… we can pull a movement of 100/120 points for you.)
Mr. Kumar: “Bhai uske liye fund bhi to hona chahiye na” (Brother, but there needs to be funds available for that too, right?)
The regulator called this a classic trap. The firm promised clients that if they paid for a more expensive service and added more money to their accounts, they could easily win back the money they had already lost.
3. Aggressive “Handholding” and FOMO
Research Analysts are legally permitted only to provide general, thoroughly analyzed recommendations; they are strictly barred from executing trades or micro-managing an investor’s personal account execution.
Yet, for a client named Mr. Rawat, the firm utilized panic-inducing WhatsApp commands to bypass the investor’s own decision-making process:
- “Jaldi buy karo…” (Buy quickly!)
- “Maximum quantity buy karo…” (Buy maximum quantity!)
- “Ss send bhejo…” (Send a screenshot of the trade completion)
- “Jaise boluga wasie exit karna hai bhai…” (Exit the trade exactly how and when I tell you to, brother.)
The regulator found that the firm crossed the line by telling the investor exactly how much to trade and forcing them to act immediately.
By doing this, they pressured the investor into high-risk trades without giving them a real chance to understand the risks involved.
4. Forcing Victims to Send Fake Satisfaction Emails
When clients realized they had been misled, Supreme Investrade tried an even deeper level of deception: rigging the official complaint system (SCORES).
After Mr. Jadoun complained about being pressured for more money, and the firm tried to get him to drop his complaint.
They even wrote a fake “thank you” email and ordered the victim to send it to them, hoping to use it to trick the regulator into closing the investigation.
The advisor then aggressively tracked the victim in real-time:
- “Karke batao” (Do it and let me know)
- “Hua?” (Is it done?)
SEBI found that the firm forced victims to send emails they had already written to make it look like customers were happy. This was done purely to trick the regulator into stopping investigations.
Supreme Investrade Penalty
Supreme Investrade tried to argue that these deceptive lines were nothing more than harmless “marketing gimmicks” and standard industry advertising.
SEBI flatly rejected this argument.
In an order passed on December 27, 2024, Adjudicating Officer Amar Navlani declared that Supreme Investrade had flagrantly violated the SEBI (Prohibition of Fraudulent and Unfair Trade Practices) Regulations, 2003 (PFUTP) and the Research Analyst Code of Conduct.
Total Penalty Imposed on Supreme Investrade: Rs. 5,00,000 (five lakhs only).
This penalty underscores SEBI’s strict stance against misleading retail investors through false promises and deceptive messaging.
How to Report Supreme Investrade Misleading Advisory Services?
If you believe a research analyst misled you, don’t ignore the issue. Taking action early can help preserve evidence and strengthen your complaint.
Here’s the step-by-step method to report Supreme Investrade:
Step 1: Gather All Evidence
Start collecting everything related to the service.
This may include:
- WhatsApp chats
- Telegram messages
- Emails
- Payment receipts
- Bank statements
- Research reports
- Advertisements
- Screenshots of profit claims
- Call recordings, if available
Good documentation can make a significant difference later.
Step 2: Raise a Written Complaint With the Research Analyst
Explain your concerns clearly and ask for a response.
Keep all communication in writing wherever possible. Written records can become important if the matter escalates.
Step 3: File a Complaint Through SEBI SCORES
If the issue remains unresolved, you can file a complaint through SEBI SCORES. Provide a clear explanation of what happened and attach supporting evidence.
The more organised your Supreme Investrade complaint is, the easier it becomes to understand the issue.
Step 4: Escalate Through SMART ODR
If your complaint is not resolved, you may be able to pursue the matter through SMART ODR. This platform allows disputes to be addressed through structured online resolution mechanisms.
Step 5: Go for Stock Market Arbitration
In certain situations, arbitration may become necessary. An arbitrator can review the evidence and decide the dispute based on the facts presented by both sides.
Need Help?
Not sure what to do after discovering misleading WhatsApp messages, profit claims, or loss recovery promises from a research analyst?
You don’t have to figure everything out on your own.
We can help you review your evidence, organise communication records, prepare complaints, and understand the options available to you.
We also assist with SEBI SCORES complaints, SMART ODR proceedings, and arbitration-related matters.
If you’re confused about the next steps, register with us and get professional guidance.
Conclusion
Cases like Supreme Investrade show how easily investors can be influenced through profit screenshots, recovery promises, and high-pressure communication.
You have the right to receive fair and transparent information before making investment decisions.
If you believe a research analyst misled you, don’t stay silent.
Preserve your evidence, understand your options, and take action through the available complaint mechanisms.
Frequently Asked Questions
1. Can a research analyst guarantee profits?
No. Research analysts cannot legally guarantee profits or assure returns in the stock market.
2. What should I do if a research analyst promised to recover my losses?
Save all messages, screenshots, and payment records. These communications may become important evidence if you decide to file a complaint.
3. Can WhatsApp chats be used as evidence?
Yes. WhatsApp messages, screenshots, and chat exports can often help support your complaint.
4. Can I file a complaint with SEBI against a research analyst?
Yes. Investors can file complaints through SEBI SCORES if they believe a research analyst has violated regulations or engaged in misleading conduct.
5. Can I recover money lost because of misleading advice?
Yes, recovery is possible. It depends on the facts of each case, the available evidence, and the circumstances involved. Plus, investors also have formal complaint and dispute resolution mechanisms available to pursue their claims.
