Hey folks,
Even though the calls from Indore call centers have subsided on my mobile number, I was surprised to receive one yesterday. The caller, straight away, asked, “Sir, aap Stock market me kaam karte he?” (Sir, Do you work in the stock market?). I promptly disconnected the call without uttering a word. However, I recall an incident, almost 6 years back, that involved a friend/colleague of mine. He had just opened his trading account and was in the learning phase of trading and investments(I didn’t have any trading account back then). We both worked in a corporate setting where some colleagues invested in mutual funds. One day, a senior manager urged my friend to open a trading and demat account, saying, “Tu account open kar, me bataunga invest kaha karna he” (You open the account, I will guide you where to invest).
After opening his account, a few days later, he received his first call from the Indore advisory call center. Since he was at the office, he asked her to call him back in the evening. True to her word, the lady called him later that day and began explaining how he could supposedly make a fortune overnight in the stock market. Her sales skills were impressive, keeping my friend engaged for some time. Eventually, she transferred the call to her manager, who was eagerly awaiting a potential target(a scapegoat). The manager cited an example involving PC Jewellers, emphasizing how much it had fallen that day and how their clients had supposedly profited immensely. While my friend had been skeptical from the start, this call introduced him to the concept of short selling, which intrigued him as a novice. He was nearly persuaded by the pitch and eventually inquired about a daily trading plan, which would provide him with tips for two trades per day, for a fee of Rs 14,000.
He expressed his reluctance to make an immediate payment. But since the caller was remarkably skilled in communication, he still managed to convince him to part with Rs 3,000 under the guise of a registration fee.(What a discount, from Rs 14000 to Rs 3000, you see). Moreover, he provided instructions on how to execute limit and market orders for entry and target, as well as how to set stop-loss orders for exiting the trade. It’s quite amusing to find that a scammer ended up teaching my friend the intricacies of order placement on a trading platform!
The following day, he received the customary two text messages containing equity intraday trade recommendations. However, due to his busy schedule, he couldn’t execute those trades. Nonetheless, upon reviewing the market in the evening, he realized that he would have potentially gained around 0.75% to 1% had he traded as advised. Prepared and eager the next day, he promptly acted upon the first tip he received. To his amazement, leveraging his Rs 20,000 by tenfold, he entered the market and realized a profit of Rs 6,000. Astonishingly, on the same afternoon, he engaged in the second trade, resulting in a profit of Rs 9,000. The experience left him exhilarated to the extent that he found it challenging to focus on his office work that day. After all, why labor away in the office when he could seemingly make Rs 15,000 in a flash with the Indore traders?
The caller would contact him every evening to inquire about his profits and trades. By the end of the week, he had amassed a profit of Rs 24,000. Now, the plot thickens. The caller informed him that some high-ranking officials from his company had recently been appointed in his branch, and they were introducing a new Futures and Options (F&O) plan. According to the caller, this plan could potentially earn him millions. The caller insisted that my friend had become a “Skilled trader” who belonged in the F&O segment. Then came the bombshell: the plan required a fee of Rs 7 lakhs. This figure was arrived at when the caller indirectly probed about the amount he could invest in one go and the funds in his bank account.(Trust me, they are too good.) Essentially, the caller aimed to deplete all his savings.
It’s intriguing how human psychology often gravitates towards the allure of quick and effortless wealth, and my friend found himself ensnared in this trap. However, he straightforwardly informed the caller that he would only consider investing the Rs 7 lakhs if he could physically visit the Indore office to make the payment himself.
It’s fascinating how quickly things escalated. When my friend reached out to me on the weekend for the extra 2 lakhs he needed, promising a return in just two days, I was naturally curious about the situation. After hearing the whole story, I felt compelled to investigate further. We both worked for the same company, so I went over to his place. As he showed me his Rs 24,000 profit, I advised caution, suggesting he stick to the Rs 14,000 plan only. However, the persuasive skills of the scammer had already deeply influenced him. I sensed a sort of possession in my friend as he incessantly conversed with the caller, even while I was present. At my friend’s request, I spoke with the caller, perhaps as another potential target(Scapegoat no. 2). Out of curiosity, I asked a few questions about the potential returns, and his enthusiasm was unsettling. He confidently proclaimed that , "Sir, aap itna paisa banaenge ki aap helicopter me ghumenghe’!!!(Me and my friend would make so much money that we would be flying in a helicopter! 
) That statement left me stunned. I glanced at my humble Honda Shine bike parked outside, and in that moment, I realized that something was not right.
I attempted to persuade my friend that something seemed suspicious, but he was already on the verge of taking time off from work on a leave and heading to Indore. In an effort to deter him, I promised to provide the money later in the evening and then returned to my quarters to conduct some research on similar calls. I stumbled upon a YouTube video where a man recounted his own experience of losing around 13 lakhs to such a scam, and his tearful narrative echoed the similar words my friend had also been told by that scammer. Without delay, I shared the video with my friend and to my surprise, he finally understood the narrative that he was being sold off. The first thing he did was to immediately call his boss and cancel his casual leave. That evening, we decided to go out for a meal together, finding humor in the absurdity of the situation and contemplating our next career moves. We joked about needing to find a new scheme to afford a helicopter ride. Of course, my friend footed the bill, utilizing his Rs 24,000 profit(well 21000, technically), as I had just rescued him from a potential 7 lakh scam.
The best way to avoid falling victim to these scams is simply to disconnect the call immediately upon receiving it. Because once they start speaking, some of these individuals possess exceptional persuasive skills that can easily draw you in. Additionally, given that this incident occurred six years ago, it’s worth noting that the nature of such scams has evolved, with a shift towards Algo trading schemes and lot more where scammers obtain login credentials under the guise of promising substantial profits.
By the way, we were just in the early stages of our careers, so please don’t judge us by our naivety and gullibility. These days, there is a lot more awareness about such scams but the new entrants would keep falling prey to them.
As for the second part of this tale, which delves into our redemption journey where we absolutely tore that scammer apart on the subsequent calls (I assure you, it’s much funnier), it’s a story best saved for another time. This post is already quite lengthy.
Until then…
Ciao Adios!!
