Beware From Fake Portfolio Management Companies In India

This covid-19 pandemic is seen as a boon for Indian stock market. New investors are entering the market. And spammers and fraud Portfolio Management Service like fake Wisdom Capital Group are out in the market too.

A Bhopal based Wisdom Capital Group is running fraud portfolio management service. They are duping new investors. Their first target is Whatsapp group. They will make phishing call. And then they will send messages to new investors and introducing them as genuine PMS provider.

A friend of mine as also contacted by this Wisdom Capital Group in Whatspp group. He introduced himself as Adarsh. In the next few days, Adarsh keeps on sending screenshot of the positions and profits. They will show profits only.

My friend was in need of money, so he invested around Rs 10,000 in the initial phase. This Wisdom Capital Group then open an account which they claim as Demat account.

Within two-three days they will show profits. For an investment of Rs 10,000, daily profit was around Rs 2000-3000. My friend decided to withdraw his profit. But, he was unable to withdraw the money.

Then he contact Adarsh for the withdrawal process. Adarsh told to deposit 20 percent of profit to the Wisdom Captal Group. My friend asked him to deduct the money from the profit. Adarsh did not agree and my friend send the profit.

But after sending the profit share to them, they again called my friend to send GST fees. For any SEBI registered company in India, GST is not applicable. My friend asked why GST? Adarsh told him it is service charge.

My friend sent that money to Adarsh. So, for withdrawing Rs 10,000, my friend spent around Rs 4000. My friend wait for three days to get his profit back.

What is the next step of this fraud portfolio management service?

My friend was waiting for his money but they called him to say all his capital and profits were lost in the market. His account doesnot have any funds to withdraw.

They then closed his account as well. Key persons involved in this fraud portfolio Management service are Adarsh who represent the group. Then Rajesh Nath as account holder. And Amit Raghuwancy as Website owner of Wisdom Capital group.

They are not learning from their mistakes. instead they openly call for providing services to new investors.

So, new investors must be alert and stay away from such fraud portfolio management service provider. Stay safe and wealthy!