Madhukant Patel, a retired chartered accountant based out of Ahmedabad, has spent his life studying and analysing company finances. Yet, he fell victim to a stock trading scam. It all started after he was added to a WhatsApp group called ‘Stock Vanguard 150’. Two people whom Patel identified as Sunil Singhania and Karanveer Dhillon shared investment advice on the group.
Patel invested according to their advice. They then pointed him to a website app[dot]alicexa[dot]com. Patel traded around ₹2 crore on it and saw massive profits. His portfolio value went up to ₹5 crore in two months. And then, something very suspicious happened.
Singhania, one of the advisers, said he could help Patel obtain shares of a company after its initial public offer (IPO) had closed. A little wary, Patel was still hopped up on the happiness of how his money had grown. The charade ended when Patel told Singhania he wanted to withdraw ₹1.5 crore. Singhania allegedly demanded a 15% tax on payment and 1% of portfolio value. That is when Patel realised that he had been conned.
Patel’s story is not unique. The Indian markets have seen an avalanche of retail investors scurrying to score profits in an economic environment that is not as rosy as it seems.
These rookie investors have downloaded apps on their phones on which they trade. Some go to shady websites seduced by claims of their money doubling or tripling in days. And they are getting conned by the thousands. Between January and April this year, more than 20,000 trading scams have been reported in which victims have lost ₹14,204 crore, according to the Indian Cybercrime Coordination Centre (I4C).
Denne historien er fra July 2024-utgaven av Outlook Business.
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Denne historien er fra July 2024-utgaven av Outlook Business.
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