Hello Everyone,
Like some of you here, I too fell prey to such a scam in the name of Upstox International Account and have a lost a 58 Lakhs till now. Unfortunately, I was unable to suspect this criminal that this is a big scam until I lost huge money. This happened from 30th June’2024. Below are the details:
- I came across an Instagram Reel with advertising as promising daily 2 or 3 Upper Circuit stock recommendations shall be provided with daily 10 & 20% assured returns every day. I was directed to WhatsApp channel with name in B3 Upstox Services Group with 117 members & later directed to the Upstox Services Group VIP55 (with 26 members) where Rajat Chopra (+91 7539904769)as Upstox Professor & his allies Latha Garg (+91 9680831739) Anjali Ayyar (+91 7068676644) & Upstox Customer service 108 (+91 8962151443) & few others as group admins. Their main task is to praise Rajat Chopra for his superior skills and for his accurate recommendation on market analysis on Upper Circuit stocks which yield 10% to 20% daily returns.
- After joining the channel I was observing keenly on the group activity, Rajat Chopra posed himself as the Chief Investment officer representing India for the Global Investment Competition which would end on 15th October’2024. I was surprised with his daily stock recommendations which yielded decent profits. He wanted me to vote for him daily for GTC Global Investment Competition so that we would win 10 Billion US Dollars. For voting him every day, he gave 5,000/- per week as a gratitude. (Rs. 5k will be added to the account)
- I started my first investment on 01st July’24 with 10,000/-. Customer Service representative has shared account details asking me to deposit funds at SM LOGISTICS, Bandhan Bank, 20100027863841, IFSC CODE: BDBL0002134. When I asked her why personal bank details. She answered since this is an International account to monitor funds outflow, Upstox Securities have restricted funds to flow to other country accounts. And Specifically asked not to mention any remarks in the transactions.
- After I deposited 10,000/- after few hours, funds reflected in the stock app UPIO (they provided). From there on I started depositing more funds and sending them receipts. Immediately funds used to be credited to my app account. I used to buy UC Stocks every day and gained good profit. Lured by this, I invested around 6.30 Lakhs. Since my capital has become little big, Rajat Chopra and Customer service representative asked me to apply for IPO’s which would yield huge profits and will double my capital. And chances of IPO allocation here is 80% more than regular stock accounts.
- I applied Nephro Care India IPO with Rs. 2.88 Lakhs and my capital was doubled once listed. Thrilled by this, deposited more funds and applied another IPO called Ganesh Green Bharat. This time IPO quantity was allocated little more quantity of 6,600 shares. I pledged gold and arranged 4 Lakhs to subscribe the IPO with 12.54 Lakhs. And second time also my capital was doubled. Even more thrilled, I requested for withdrawal but was told that Rajat Chopra would offer his services to only high net worth investors and asked me to raise the capital by Rs. 2.00 Crores by end of July’2024. Then I applied another IPO Satipoly Plast. This time quantity was even more allocated 37,000 Shares worth 48.10 Lakh. I didn’t have money to subscribe. I gave up the subscribing the IPO and denied to participate in further IPOs and expressed my interest in UC stocks only.
- The Rajat Chopra intervened and tied to convince me saying my credit score would be lowered and chances of allocation will be less and gave me suggestion to take loan from friends or take bank loan for short term. I neglected and kept quite. A day before IPO listing, he suggested there is a loan facility going on for successful investors. And came forward to give me loan and I was asked to repay the loan within 5 days. (I thought like they deposited, they would debit the loan from my account) I required only Rs. 17.6 Lakhs to subscribe the IPO but I was given Rs. 36.00 Lakhs loan which was directly credited to my UPIO stock app and the IPO was fully subscribed & doubled once listed. With this my capital has reached 1.18 Cr. When I asked for withdrawal, customer care representative said I need to close the loan first and then apply for withdrawal. I got Confused, but they convinced me that I have to adhere to Upstox Securities rule. Seeing the balance of 1.18Cr in my account, I borrowed Rs. 36.00 Lakhs from my friends and relatives and re payed through bank RTGS.
- After that, I tried to apply for withdrawal, but before that another IPO was allocated and total 1.18 Cr was automatically subscribed to the IPO still Rs. 14.98 Lakh was due. I was asked to fund my account and subscribe the IPO so that I can reap huge profits. I borrowed Rs. 15.00 Lakhs from another friend and transferred through bank RTGS. The IPO once listed, was doubled to Rs. 3.42 Cr. I was asked to withdraw my profits. I placed a request for Rs. 55.00 Lakhs withdrawal and it was successful I was waiting for funds to reflect in my bank all the day. When contacted customer care, I was told that I’m in queue and funds will reach my account next day before afternoon.
- Next day morning, I got a shocking message saying that I entered wrong bank account number (I double checked all details before placing withdrawal request) and their treasurer tried to deposit funds my account thrice with which my international account was triggered their security system protection mechanism and blocked. I was asked to pay 10% of my account balance which is Rs. 34,24,726/- within 5 days to lift the restrictions a and I need to re-submit my KYC.
- Now I realized this is a big scam and I was made a scapegoat. Now Rajat Chopra and Customer care representative are following up with me on the 10% amount which I need to pay. Even, Rajat Chopra is constantly in touch with me giving options like taking bank overdraft, lending from a friend and all.
- The URL https://www.thebossupstore.com/app/andriod till works, but may stop at any time.
- I request everyone to be vigil and be careful with these fraudsters. I sold all my long term stocks to the tune of Rs. 58Lakhs and trying to repay the loans taken from friends & colleagues. I lost total 58 Lakhs till now. I request Upstox team to take stringent action against these culprits looting money with their false promises.
I’m preparing myself to raise a complaint with Cybercrime department hoping they would take stringent action and at least some of my lost money would be recovered. Please spread this awareness so that someone else will not fall prey to such scamsters.
1 Like
Hey @Vijay_kp10,
We are deeply sorry to hear about your experience. Please be assured that Upstox does not operate any international accounts or WhatsApp groups for investment advice. The individuals you mentioned are not affiliated with Upstox. We strongly recommend that you report this to the Cybercrime Department immediately.
You can report any suspicious activity by sending us an email at: cybersafety@upstox.com and reach out to the Cybercrime Department here: http://ki.show/9rz3yh
For genuine Upstox support, please contact us directly through our official channels here: 🚨 Beware of fake Telegram Channels impersonating Upstox - Upstox
Additionally, we request you to share the WhatsApp group link and admin details here along with a screenshot/short video, so that we can investigate further.
Thanks for taking note of the same… I am surprised till now how come there is no investigation from Upstox officials… This fellow is using official upstox addresses and phone nos displayed in address. No of websites are still open and watsapp groups are still open … Why Upstox officials make a public news of this and ask people to be cautious … Putting it on internet, newspaper and news channels will be good for people to understand this is very very big scam going on … Till yday, mr. chopra’s assistants were active on watsapp… This creates a lot of doubt about original and true upstox company and their working… I hope this is very much clear to upstox officials and expect quick action in this case…
Thanks,
I am also trapped in same.
Group operate in a such way that it shows your similar app from upstox. They provide upstox license number so everyone can believe that its upstox official app, also it show real time information if market in app. I have been asked to cote for competition and buying UC stocks and IPO allocation and asked to deposite more money and when its time of withdrawal they say your account name doesn’t match and as penalties you need to put more money. I am also going to file complaint.
Hey @RLimkar,
We’re sorry to hear about your experience.
Upstox does not operate WhatsApp groups for investment advice. Those individuals are not affiliated with us. Please report this to the Cybercrime Department immediately here: https://cybercrime.gov.in/Webform/Crime_AuthoLogin.aspx
Could you also share the license number and WhatsApp group link you mentioned? This will help us investigate further.
They have given us following details of Upstox
Many friends have been following my trades for three to five years, but some new friends may have only joined the group a few months ago. Upstox Services started operations in 2010 and has continually expanded its customer base and diversified its services. It provides high-quality services to clients including retail and international investors, corporations, high-net-worth individuals, and governments.
Upstox Securities Pvt. Ltd.: SEBI Registration Number: INZ000315837 | NSE TM Code: 13942 | BSE TM Code: 6155 | CDSL Registration Number: IN-DP-761-2024 | CIN: U65100DL2021PTC376860
Registered Office:
807, New Delhi House, Barakhamba Road, Connaught Place, New Delhi - 110001
Corporate Headquarters:
30th Floor, Sunshine Tower, Senapati Bapat Marg, Dadar (W), Mumbai, Maharashtra 400013
Hi @RLimkar,
Thanks for these details. Could you please also share the WhatsApp group link for us to investigate it?
I m also one of the victim of the same fraud . I too have lost a huge money for this daily trading app scam … I m not sure why their is no action on them … many mobile numbers are there … all have chat history … all have account details where we have transferred the money … still its happening … what is the way … where we can get our money back and save others to get trapped
1 Like
Hey @Richa_Shrivastava ,
We are deeply sorry to hear about your experience. Please be assured that Upstox does not operate any international accounts or WhatsApp groups for investment advice. The individuals you mentioned are not affiliated with Upstox. We strongly recommend that you report this to the Cybercrime Department immediately.
You can report any suspicious activity by sending us an email at: cybersafety@upstox.com and reach out to the Cybercrime Department here: http://ki.show/9rz3yh 5
For genuine Upstox support, please contact us directly through our official channels here: 
Beware of fake Telegram Channels impersonating Upstox - Upstox 4
Additionally, we request you to share the WhatsApp group link and admin details here along with a screenshot, so that we can investigate further.
WhatsApp Group Invite. This is whats group join link
Hey @RLimkar ,
Thank you for sharing. We have forwarded this to our team internally.
I m also one of the victim of the same fraud . I too have lost money and locked in. Looking for a way to get back the money.
1 Like
Hey @Lingamurthy_Jayarama ,
We are deeply sorry to hear about your experience.As a precaution, please refrain from sharing your personal information with individuals who claim affiliation with Upstox but are not associated with our organization. You can report any suspicious activity by sending us an email at: cybersafety@upstox.com and reach out to the Cybercrime Department here: http://ki.show/9rz3yh You can download the Upstox app from Playstore uptx.to/PSnew and Appstore here: uptx.to/IOSnew For more information about our official website and social media channels, refer to the link: 🚨 Beware of fake Telegram Channels impersonating Upstox - Upstox
Hi Mr.Vijay, I am also a victim like you. Do you have any idea to report to Cyber crime. I will also Join,
1 Like
Dear Upstox Team
Same as mentioned by Mr Vijay , I am also one of the victim of this fraud and scam done by Rajat Chopra , Lata Garg and their all team , have already lost 93Lacs + Amt , Still they are running app in the name of upstox Securities and making foolish other people also , Pls add me in group if prepared by Upstox team for all victims of same scam and fraud .
Thanks
Rajat Sharma
Hey @Rajat_Sharma,
Sorry to hear about your experience.
Upstox does not operate any WhatsApp groups. Also, the names that you mentioned are not affiliated with us. Please report this to the Cybercrime Department immediately here: https://cybercrime.gov.in/Webform/Crime_AuthoLogin.aspx
For more information about our official website and social media channels, refer to the link: 🚨 Beware of fake Telegram Channels impersonating Upstox - Upstox
I also lost huge money…I and my sister lost a huge money we want the money back please go for and find those culprits …
Hey @Sushrita_Biswas,
We are deeply sorry to hear about your experience.
You can report any suspicious activity by sending us an email at: cybersafety@upstox.com and we strongly recommend that you report this to the Cybercrime Department immediately here: https://cybercrime.gov.in/Webform/Crime_AuthoLogin.aspx
Same they did with me as well.
That rajat Chopra is a scam. I lost money with them. The same story of account error
We are deeply sorry to hear about your experience, @govindarajan_N
You can report any suspicious activity by sending us an email at: cybersafety@upstox.com and we strongly recommend that you report this to the Cybercrime Department immediately here: https://cybercrime.gov.in/Webform/Crime_AuthoLogin.aspx 1
