- This topic has 10 replies, 8 voices, and was last updated 1 year, 5 months ago by
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UI lost 5 lakhs to a friend, and here’s how it started. My school friend began a stock market business and was offering 20% returns. I observed her business for a year, and all her known clients were receiving returns every month. For example, for an investment of 5 lakhs, she would pay 1 lakh per month as returns. Seeing her lifestyle—Mercedes Benz, big houses—I decided to invest 5 lakhs in January 2024, hoping to earn similar returns.
I transferred 5 lakhs to her account, and she promised to provide a contract. However, after January, she never gave me the contract despite my repeated requests. She also didn’t return the principal amount or pay any returns. She has over 200 clients, and most of them are cursing her for similar reasons, but she keeps making excuses.
Initially, she claimed that SEBI blocked her account due to NIFTY regulations. Then, she mentioned that someone filed a case against her, which delayed payments. She kept promising to return the money next month, but every time the date approached, she would postpone it by another two months or so.
I’ve tried calling and messaging her, but she doesn’t respond. However, she continues to post pictures on her WhatsApp status regularly.
I have all the WhatsApp conversations and bank account transaction details as evidence. What should be my next steps?
I currently don’t live in India but want to take legal action. Please advise if it’s possible to file a case in court, and whether I can attend it online. This matter is in Ahmedabad. If you are in the same city, please contact me.
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FFile an FIR first! She is clearly enjoying your money for her lavish life style. People don’t have shame!
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BYou need to visit Ahmedabad and gather other victims and file fraud FIR.
Indian police won’t act on your online complaint if you state you are not living in India. In fact they will try to find out ways to make money from you.
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UI will not be able to visit in nearest time. There are many victims but they are not ready to file a case hoping she will return the money and thinking that if they filed a case they will never get the money.
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CIf you are ever trying to so trading, you will have to learn and do on your own. There are a plenty of fake traders who has a fake P&L chart and use that to trap the new persons. Its a big scam network in india! Hope you get your money back, and i bet she would have not traded and she only gave the money she got from others(5lac), now she is out of customers, thats why the hard time. Basically its a way to cheat, using the money to do rotation, if she was so honest ,she should have asked you to open a demat account and load money to yours and use yours and ask otp every time she logins so you get a view of what she does. Thats the only way to make things work properly if you give them money to trade!
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