Beware of the Trading Tip Scam: In recent times, trading has become a hot topic of discussion, with claims of earning up to 1 lakh rupees per day through trading circulating widely. Unfortunately, these promises often turn out to be nothing more than illusions. It is crucial to exercise caution and be aware of the risks involved. Greed can blind us, making it easier for scammers to deceive unsuspecting individuals. To safeguard yourself, it’s important to stay vigilant and avoid falling victim to these fraudulent schemes.
SEBI (Securities and Exchange Board of India) has recognized the severity of the issue and has taken steps to combat it. They have established a dedicated helpline where you can lodge complaints against these scammers. If you encounter any suspicious activities or believe you have been targeted by scammers, don’t hesitate to reach out to SEBI and file a complaint.
This information came to us from Neha Nagar, India’s cultural ambassador, via an Instagram post.
how exactly do these scams operate?
But how exactly do these scams operate? Let’s delve into the modus operandi. The scammer begins by opening demat accounts on two different platforms. They purchase stocks using the first account and subsequently sell those stocks from the second account. This strategy deliberately causes a loss in the first account, while generating an equivalent profit in the second account. The scammers then cherry-pick the account showcasing the profitable outcome and create videos, which are shared on platforms like YouTube or Instagram. Unwitting viewers are easily enticed by the apparent success, quickly viewing the person as a super trader and seeking their tips.
Once the scammers have gained followers, they invite them to join their Telegram channels to receive trading tips. This is where their true game begins. They recommend buying specific stocks, which they themselves have already sold or plan to sell. By doing so, they exploit the situation, leaving unsuspecting investors in the dark about their true intentions.
In response to these fraudulent activities, SEBI has taken action against these scammers. Recently, three individuals were arrested for earning a staggering 2.8 crore rupees through such scams. Their apprehension serves as a warning and a testament to the seriousness with which authorities are tackling this issue. To further protect yourself and others, it is crucial to remain cautious and vigilant regarding Telegram trading tips. If you suspect that someone is attempting to scam you, don’t hesitate to report the incident to SEBI through their helpline at 1800 266 7575.
Remember, it is always better to exercise caution and conduct thorough research before blindly following any trading tips. Genuine success in trading requires knowledge, experience, and careful analysis. Don’t be swayed by false promises or fall prey to scams that can potentially drain your hard-earned money. Stay informed, stay alert, and protect yourself from the pitfalls of fraudulent trading tip schemes.