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SEBI investigates a YouTube influencer for fraud. Fraudulent investment advisor scams people with false promises of guaranteed returns. Discussion on fraudulent trading practices and temptation of quick money through investing in call options. Exploring the allure and risks of options trading, including potential profits and high percentage of losses.
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Quick takeaways
- Baap of Chart, a YouTube influencer, was found to be defrauding people by posing as an investment advisor and promising guaranteed returns, resulting in Sebi asking for the repayment of 17 crore rupees and suspending them from trading activity.
- Despite the high failure rate in the F&O market, people still fall for fee-based advice without a license due to the allure of quick money, but some brokers like Ziroda are introducing verified profit and loss statements to provide a more trustworthy evaluation of trading outcomes.
Deep dives
YouTube influencer allegedly defrauding people through investment advice
In this episode, we learn about Sebi's investigation into a YouTube influencer named Muhammad Nasruddin Ansari, aka Bapafchat or BOC, who was allegedly defrauding people by posing as an investment advisor. Sebi found that BOC and his firm made 17 crore rupees by selling courses and providing buy and sell recommendations in a private group. Moreover, BOC promised guaranteed returns, which is a violation of Sebi's rules. As a result, Sebi has asked BOC to repay the 17 crore rupees and suspended them from trading activity.
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