ComplaintAdda
Fact CheckedLast Updated: 5 July 2026Reviewed By: ComplaintAdda Editorial Team

Fake Trading App Scam

Fake trading app scams show a manipulated dashboard with rising 'profits' to encourage bigger deposits, then block withdrawals entirely. These apps are usually unregistered and operate outside SEBI's regulatory framework.

What Is It

A scam operated through unregistered mobile apps or websites mimicking stock/forex/commodity trading platforms, designed to collect deposits without ever allowing genuine trading or withdrawal.

When To Use It

Report when withdrawal is blocked, additional 'unlocking fees' are demanded, or you discover the app/broker is not registered with SEBI.

Step-by-Step Process

  1. 1Verify the broker's SEBI registration number on sebi.gov.in — if it doesn't exist, the platform is fraudulent.
  2. 2File a complaint on the SEBI SCORES portal (scores.sebi.gov.in) with account statements and deposit proof.
  3. 3Simultaneously file on cybercrime.gov.in and call 1930, since this is also a financial cyber fraud.
  4. 4Report the app to the Play Store/App Store for takedown.
  5. 5Warn others in any community/social media group you were recruited through.

Documents Required

  • App/website name and screenshots of the dashboard
  • Deposit transaction proof
  • Broker/agent's name and contact details
  • Any promotional material or chat used to recruit you

Fees

Free to file on both SEBI SCORES and the Cyber Crime Portal.

Processing Time

SEBI SCORES complaints are typically addressed within 30 days; cyber crime investigation runs in parallel and can take longer.

Important Tips

  • Always verify a broker's SEBI registration before depositing any money.
  • Be suspicious of trading groups on WhatsApp/Telegram promising guaranteed daily profits.
  • Genuine brokers never charge a fee to 'unlock' your own withdrawal.

Frequently Asked Questions

Search the broker's name or registration number in the intermediary directory on sebi.gov.in; if it does not appear, treat the platform as unverified.
This article is for general information only and does not constitute legal advice. Always verify with the official source before acting.