₹33 Crore Vanishes: 400 Fake SIMs Dupe Vadodara Investors in a Digital Scam
Phony SIMs, fake supercars, and a white‑hat Telegram promise left investors in the lurch
Investigative visual documentation concerning regulatory proceedings in ₹33 Crore Vanishes: 400 Fake SIMs Dupe Vadodara Investors in a Digital Scam.
Core Investigation Takeaways & Order Highlights
It all began when a slick Tik‑Tok reel showed a rented super‑car, a glittering ‘crypto‑trading’ logo, and a whispered promise of unimaginable profits via a VIP Telegram group. This viral sensation caught the eye of naive traders in Vadodara, who began flooding the channel for 24‑hour expiry option trades, trusting the slick façade and the allure of instant wealth.
Boiler room and call center operations raided during enforcement actions against unauthorized stock tips.
Under the guise of a legitimate brokerage, the scammers pushed high‑risk, 1‑hour expiry options on foreign currency pairs, ensuring that traders faced sudden, steep losses. Meanwhile, each targeting attempted transaction was routed through one of 400 fabricated SIM cards, masking the real telephone numbers and disabling traceability.
SEBI’s regulatory hammer has clicked: a Section 11B notice was served, deactivating the broker’s license, and the Delhi‑based trading platform was formally banned across exchanges. Traders are now warned that similar schemes can still surface and are urged to verify the authenticity of any ‘VIP’ platform before risking capital.
Official regulatory disgorgement and investor restitution directive under Section 11B of the SEBI Act.
How Affected Students & Victims Can File for Full Fee Refund
Under the SEBI recovery order, all fees paid for unregistered mentorship, live rooms, or high-tier programs are eligible for restitution claim. Follow these verified steps:
- 1Step 1: Access the official SEBI SCORES 2.0 portal (scores.sebi.gov.in) with your verified PAN credentials.
- 2Step 2: File a formal grievance under the 'Unregistered Investment Advisory / Research Analyst' category.
- 3Step 3: Attach bank transaction slips, UPI UTR reference receipts, and WhatsApp/Telegram promise screenshots.
- 4Step 4: Report fraudulent financial transactions to the National Cyber Crime Portal (cybercrime.gov.in / helpline 1930).