Meet Aarush (name changed), a businessman who decided to do stock market trading to generate a second income. But there was a, he had no idea how to trade.
Besides this, he opened a demat account with a full-service stockbroker in January 2024. With this entry of a new person, Rihan (name changed) entered in his life as his Relationship Manager (RM).
When Trust Turns Into a Trap..
Rihan quickly realized that Aarush was a newbie in the trading world. But instead of helping him educate him about stock trading, Rihan suggested Aarush follow his tips to trade. He assured Aarush that he’d make him profitable in no time.
So, Aarush did what Rihan suggested—he added funds to his trading account.
The very next day, Rihan started trading as per the tips provided, specifically in options. But things didn’t go as planned.
Aarush didn’t see any profits and questioned Rihan. On this, Rihan told him that it was his fault for not placing orders quickly enough.
To avoid such issues, Rihan suggested a “solution”: He asked Aarush to let him handle his account to avoid any lapse in placing trades.
Trusting Rihan, Aarush did just that.
He even added ₹22,00,000 more into his account on Rihan’s advice, believing that big profits were just around the corner.
With his business keeping him busy, Aarush didn’t have much time to monitor his trading account. But whenever he asked, Rihan always assured him that his money was safe and growing.
As time went on, Rihan went the extra mile to build a personal relationship with Aarush. They became close, so much so that they even went on a couple of family vacations together.
Aarush felt he had found not just a trustworthy RM but a friend.
But then Rihan switched jobs. He moved to another brokerage firm and called Aarush, convincing him to open a new trading account with his new employer.
Aarush, still trusting Rihan completely, followed his advice and added another ₹33,00,000 into the new account.
Aarush Finally Confronts His Betrayer..
Months passed, and Aarush started getting anxious. He hadn’t received any updates on profits, so he reached out to Rihan.
But Rihan kept giving excuses and vague answers that didn’t satisfy Aarush. Finally, fed up, Aarush decided to confront Rihan in person.
That’s when the truth came out. Rihan confessed that he had lost all of Aarush’s money—every last rupee.
There were no profits, and the entire ₹50,00,000 was gone. Aarush was devastated. The person he had trusted, the one who had become like a friend, had betrayed him and wiped out his hard-earned money.
Aarush was left in shock, unsure of what to do next. He had no idea how to recover his losses or even where to start.
But then, he came across one of our videos and decided to reach out to us.
The Battle for Justice Begins
After hearing his story, our team advised Aarush to file a complaint through SEBI’s SCORES portal.
Since Rihan was a registered RM, some steps could be taken against him.
However, Aarush had made some mistakes—like sharing his account details—but SEBI’s regulations offered a chance for him to seek justice.
We’re now working with Aarush to help him recover what he’s lost, but his experience offers a crucial lesson for everyone in the trading world:
- Don’t trade in something you don’t understand.
- Never, ever share your login details with anyone—even if they seem trustworthy.
- Make learning your top priority before putting your hard-earned money into trading.
- Watch out for red flags.
- Regularly check your trading account to avoid frauds & scams.
Aarush’s story is a reminder that in trading, it’s important to stay alert and not trust anyone and everyone having a little more knowledge than you.
