“Sir, I have an exclusive stock recommendation for you. A big player is accumulating shares—this is your chance to make 30-40% returns in just three months!”
That’s how the pitch usually went. A smooth-talking “advisor” on the other end of the line, promising financial freedom in record time. The average investor, lured by the dream of easy money, rarely stopped to ask the most important question: Is this even legal?
And that’s exactly how Yogesh Kukadia, Rajesh R. Kallidumbil, and Nithin Raj found themselves in SEBI’s crosshairs.
The Investigation That Brought Them Down
For months, SEBI had been tracking multiple complaints against these so-called advisors.
Investors claimed they had been misled, charged thousands of rupees for ‘premium tips,’ and left with nothing but losses.
SEBI’s probe uncovered something shocking: two of the individuals behind this scam, Yogesh Kukadia and Rajesh R. Kallidumbil, were SEBI-registered investment advisers.
Yes, you read that right.
Both Kukadia and Kallidumbil held individual registrations with SEBI under numbers INA000010113 and INA200012142, respectively.
But here’s the catch: they weren’t conducting advisory activities under their registered capacities.
Instead, they, along with Nithin Raj, were running a network of six unregistered partnership firms that provided investment advice illegally:
- Signal2Noise Capital Partners
- Investo Investment Advisers
- SS Info Sales
- SI Digi Sales
- CT Web Sales
- ML Tele Sales
They knew the rules. They knew SEBI required proper registration to provide investment advice.
But they also knew that if they operated through unregistered firms, they could avoid compliance requirements and target a larger number of unsuspecting investors.
How the Scam Worked
Imagine you’re an investor scrolling through Telegram or Facebook, and you see an ad:
“Join our exclusive stock advisory group! 90% accuracy! Guaranteed profits!”
Curious, you click. A representative from one of these firms contacts you.
“Sir, we have insider-level analysis. Big institutions are taking positions, and we can get you in before the prices shoot up. Just sign up for our advisory package.”
You hesitate. They sense it.
“We understand your concerns, sir. Here, let me send you some of our past recommendations. Look at the profits our clients made.”
A few WhatsApp screenshots pop up, green, green, green. All winning trades. They look convincing.
“The stock market is all about timing, sir. Delay, and you miss the opportunity.”
The pressure builds, and before you know it, you’ve transferred the money.
They send you some stock tips. At first, they might even work. But soon, the losses start piling up. Your ‘advisor’ stops responding.
The Telegram channel vanishes.
And your money? Gone.
SEBI’s Crackdown: ₹18 Lakh Penalty Imposed
SEBI didn’t just shut these firms down. In its order, the regulator imposed a ₹18,00,000 penalty on Yogesh Kukadia, Rajesh R. Kallidumbil, Nithin Raj, and seven other entities involved in this fraudulent operation.
The noticees have also been directed to refund all the fees collected from investors and immediately cease acting as investment advisors.
With this latest crackdown, SEBI has once again made it clear, if you think you can bypass regulations and fool investors, the consequences will be severe.
The Bigger Picture: SEBI’s Fight Against Fake Advisors
This isn’t the first time SEBI has taken action against unauthorized advisors.
The rise of Telegram groups, WhatsApp stock tips, and Instagram “finfluencers” has made it easier than ever for scammers to lure in unsuspecting traders.
The pattern is always the same: fake credentials, high-pressure tactics, and unrealistic promises.
SEBI has been tightening the noose on such fraudulent operations, making examples out of those who think they can get away with misleading investors.
What Should Investors Do?
“Beta, if it sounds too good to be true, it probably is.”
That’s what my father always told me. And yet, thousands of investors fall for these scams every year.
Here’s a simple rule: Before trusting any investment advisor, check if they are SEBI-registered.
SEBI maintains a public list of registered Investment Advisors (IAs) and Research Analysts (RAs). If a firm or individual is not on that list, walk away.
Lessons for Investors
“Beta, if it sounds too good to be true, it probably is.”
That’s what my father always told me. And yet, thousands of investors fall for these scams every year.
SEBI’s website provides a list of registered investment advisors; use it! Before you trust anyone with your hard-earned money, do your homework.
Ask these three simple questions:
- Are they SEBI registered? If not, walk away.
- Do they promise fixed returns? No real advisor can. If they do, they’re lying.
- Do they push urgency? Scammers love creating FOMO (Fear of Missing Out). Genuine advisors don’t rush you.
How to Report an Unregistered Advisory Scam?
If you have been a victim of an unregistered advisory scam on Telegram or any other platform, don’t wait for things to get worse; take action immediately.
Scammers often operate in a way that makes them difficult to track once they have taken your money, so acting fast is crucial.
Register with us, and we will provide complete assistance in reporting your case through the proper legal channels.
Following the right protocol is essential to strengthen your claim and maximize the chances of recovering your losses.
We will guide you step by step, ensuring that your complaint is filed correctly and that you take the necessary legal measures to hold these fraudulent entities accountable.
Final Thoughts
SEBI’s order against these six firms is another step in cleaning up India’s financial advisory space. But let’s be real, scammers will always find new ways to cheat.
As investors, the only way to stay safe is to stay informed. So next time someone calls you with a “guaranteed” return scheme, do yourself a favor: hang up.
And if you know someone who might be falling for these scams, share this story with them. It might just save their money.
