A screenshot is not a market record. A fraudulent app controls every number on the screen, including profit, tax demand and withdrawal status.
Quick View
Search the intermediary on SEBI’s portal.
App name, download link and package details.
Relying on a SEBI certificate image sent by the promoter.
SEBI intermediary search
What the Issue Means
Fraudsters use messaging groups, fake analysts and cloned broker interfaces to show profitable trades. Initial small withdrawals may be allowed to build trust. Larger withdrawals are then blocked until the victim pays tax, margin, insurance or an unlock fee.
Before paying, verify the broker or intermediary on SEBI’s official database and use the official website or app-store link. Match the legal entity, registration category, website, bank account and grievance details.
SEBI’s payment-verification framework and SEBI Check can help validate specified payment details. No genuine broker should ask customers to send trading capital to an employee’s personal account.
Action Steps
- Search the intermediary on SEBI’s portal.
- Use the official website to find the app.
- Verify the payment account or UPI handle.
- Check contract notes and exchange messages.
- Refuse guaranteed-return or secret-allocation claims.
- Report suspected fraud to bank, 1930 and SEBI or police routes.
Decision Table
| Situation | Meaning | Response |
|---|---|---|
| Registration | Legal name and category appear on SEBI records. | A copied certificate is not enough. |
| Payment | Beneficiary matches the regulated entity or approved route. | Personal accounts are a warning. |
| Trade record | Exchange messages and contract notes exist. | App screenshots alone prove nothing. |
| Withdrawal | No new payment should be required to release own money. | Tax is not collected through an unlock fee. |
Practical Example
Evidence to Keep
- App name, download link and package details.
- Chat group and adviser identities.
- Payment receipts and beneficiary accounts.
- Displayed positions and withdrawal messages.
- SEBI registration search result.
- Bank, cybercrime and SCORES complaint records.
Common Mistakes
- Relying on a SEBI certificate image sent by the promoter.
- Downloading an APK from a message.
- Paying tax or margin to unlock a withdrawal.
- Believing guaranteed profit screenshots.
- Continuing to deposit money to recover earlier funds.
Escalation Route
Stop all payments and contact the bank immediately. Report through 1930 and the cybercrime portal where fraud is suspected.
Use SCORES for eligible complaints involving a genuine SEBI-regulated entity. A fake entity may require direct cybercrime and police action rather than only a securities grievance.
Working Principle
The safest approach is to preserve the original record, use the official channel and explain the facts in chronological order. A portal acknowledgement, complaint number or filing receipt is part of the evidence and should be downloaded rather than assumed to remain available forever.
Rules and procedures can change, and the correct action depends on the exact transaction, policy, notice or account. Where money, limitation, criminal allegations, medical causation or a large tax position is involved, qualified professional advice should be obtained before taking an irreversible step.
Why Timing Matters
Fraud response has two parallel objectives: stop additional loss and preserve the evidence needed to trace the first loss. The immediate step is Search the intermediary on SEBI’s portal. Record the exact time because bank liability, fund tracing, SIM or account containment and police follow-up can all depend on how quickly the incident was reported.
The evidence file should begin with App name, download link and package details. Add the transaction reference, beneficiary, phone number, link, app name, device state and every complaint acknowledgement. Keep original chats and files untouched; explanatory screenshots can be created as copies, but they should not replace the source material.
Do not continue following the fraudster’s instructions in the hope of recovering money. A frequent error is Relying on a SEBI certificate image sent by the promoter. Use only independently located official numbers and portals. A bank dispute, cybercrime complaint and securities or telecom grievance may all be necessary because each route addresses a different part of the incident.
Common Questions
Can a fake app show live market prices?
Yes. Real prices can be copied while balances and trades remain fictitious.
Does a SEBI registration number prove the caller is genuine?
No. Fraudsters impersonate real entities; verify contact and payment details independently.
Should tax be paid before withdrawal?
Do not pay an app or individual merely to release funds; verify tax through lawful channels.
Where should the fraud be reported?
Bank, 1930, cybercrime portal and the appropriate SEBI or police route.
Official Sources
Use the latest official page, circular, policy wording or portal instruction before acting. A general guide cannot override the document governing the specific case.