The trading app showed profits that could not be withdrawn
Every withdrawal request returned a new fee. The group disappeared the day he stopped paying.
- Recovered
- Nil
- Reported by
- Anonymous Surat, Gujarat
How it happened
An acquaintance added him to a WhatsApp group where a 'research team' posted daily stock calls. The calls were accurate for two weeks, because they were posted after the market moved. Members shared profit screenshots all day.
He was asked to install an app from a link, not from the Play Store, to access an institutional allotment. ₹50,000 became ₹71,000 on the dashboard in nine days. A small withdrawal of ₹10,000 came through, which convinced him to add more.
At ₹6,40,000 invested and ₹9,10,000 shown, the withdrawal required a 20% 'settlement tax' paid upfront. He refused. The group was deleted within a day and the app stopped opening.
Step by step
Yes
This account was submitted by a reader and reviewed by our moderation team. Names, numbers and identifying details have been removed. It is published for awareness and is not a legal record.
What this teaches
- A dashboard showing profits is not a statement. Check whether the entity is registered with SEBI.
- The one small successful withdrawal is a cost the fraudster budgets for.
- No tax on gains is ever collected in advance by a broker.