Legal information notice: this article provides general information and isn't a substitute for advice from a qualified lawyer.
The app looks polished. Your “profits” climb every day, your balance is on the screen, and a support agent is always friendly — until you try to withdraw. Then come fees, taxes, and requests for more deposits. A fake trading app is not a real broker’s platform: the numbers you see are generated to keep you paying in, and the money you send goes to accounts controlled by the fraudsters.
SEBI’s investor education material on fake trading apps lays out a consistent sequence: a social media hook (attractive ads or invitations on WhatsApp or Telegram), trust building through fake “experts” and profit screenshots, an introduction to a fake app, fake profits displayed inside the app, pressure to invest more (sometimes with an offer to “lend” you money), a blocked withdrawal with excuses and fees, and finally the app becoming unusable. SEBI’s listed red flags include unverified app links or APK files, payments to third-party accounts, and unrealistic promises of guaranteed returns.
A genuine platform does not ask you to pay tax or a “verification deposit” to withdraw your own funds. Extra payments only deepen the loss.
Take screenshots of your account balance, deposits, withdrawal attempts, and the support chats. Save the download link and, if you have it, the app’s name and developer details.
Give your bank a list of every transfer — date, amount, and the receiving account or UPI ID — and ask for further debits to be blocked.
Use cybercrime.gov.in or call 1930, attaching the evidence and the list of payments.
If you shared ID documents or logged into anything from the app, change passwords and watch for misuse. See our identity theft guide if documents were shared.
If a “support agent” or “recovery expert” contacts you after a loss and asks for a fee to retrieve funds, treat it as a second scam. Genuine recovery happens through your bank and the police, not through a stranger who found you.
| Genuine | Fake App |
|---|---|
| Available in official app stores from a registered broker | Installed from a link or an APK file sent in a chat |
| Payments go to the broker through verified channels | Payments to personal or unrelated accounts |
| Withdrawal follows normal settlement timelines | Withdrawal blocked by new fees, taxes or targets |
| No guaranteed returns | Fixed daily profit or 'risk-free' promises |
No. Reporting to your bank and on the cyber crime portal is free.
Yes. A lawyer can help if you lost a large amount, if you were pushed to borrow, or if you want to pursue the recovery process after filing the report.
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Find a Lawyer on VidyodaySee also our guides on the Telegram share market scam, the investment and trading scam, and the fake IPO allotment scam.
It is likely fake if it came from a chat link or APK, asks you to pay a personal account, shows guaranteed returns, or blocks withdrawals with new fees. Check registered apps on SEBI’s investor website and exchange member lists.
No. Fake apps copy real branding and show generated profits.
It depends on how quickly you report and whether receiving accounts can be frozen. Report to your bank and 1930 immediately; recovery is not guaranteed.
No. Each fee is followed by another; the profits displayed are not real money.
SEBI has introduced UPI IDs ending in @valid for registered brokers and mutual funds, plus a SEBI Check tool to validate UPI IDs and bank accounts of intermediaries before paying.
Save screenshots, chats and the download source first, then uninstall and change any passwords you shared.
This article is for general information only and does not constitute legal or financial advice. Verify any trading platform independently through SEBI and the stock exchanges before depositing money.
