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Can I Recover My Funds Lost to VIP Trading in WhatsApp Group Associated With UPSTOX?

Milind Vadjikar | Answer |Ask -Follow

Insurance, Stocks, MF, PF Expert - Answered on Feb 10, 2025

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more

Asked by Anonymous - Feb 10, 2025Hindi

Money

Dear Sir, I seek your guidance regarding a financial matter related to a VIP trading account operated through a WhatsApp group. There are numerous VIP trading accounts in WhatsApp groups, including those associated with UPSTOX, particularly under Mr. Milan Vaishnav and Ms. Pallavi Gandhi. I invested ₹20 lakhs in this account; however, I have not seen any progress in terms of trading or withdrawals. Additionally, they are now requesting further investments for block trading and IPO participation. Given these circumstances, I would like to know if I can recover my funds with the assistance of Cyber Crime and SEBI. Your advice on the appropriate course of action would be highly appreciated. Looking forward to your response..

Ans: Hello;

General Comments:

This tendency to get rich quickly(nothing wrong with it) is okay but in that quest people make terrible mistakes and realize their loss when it is almost too late.

Only appropriate way to get rich in a short time is to start your own business and scale it up fast. It needs smart hardwork and little bit of luck. We have many start-up founders in their early thirties already multi millionaires. Let's leave lottery, FNO, ancestral wealth etc , out of purview.

Specific Comments;

You must complain to the Police and SEBI/RBI urgently to recover your capital.

Do not fall for such gimmicks henceforth.

Best wishes;

Asked on - Feb 11, 2025 | Answered on Feb 11, 2025

Thank you for your valuable suggestions sir. I was supposed to contact you earlier.

Ans: Welcome!

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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