Stockal Scam: Victim Speaks Up: 'All My Life Savings Have Been Trashed'
Summary
"All my life savings have been trashed completely." That is how an investor, whose US stock holdings were allegedly sold without her authorisation on Stockal, described her loss to NDTV Profit. Nearly three weeks on, she said, nothing has been returned and the firms involved are blaming each other. She said both her husband and her held accounts with the platform on which the alleged fraudulent activity took place. The trades on her long-term stocks occurred late at night India time on October 15. She said her holdings in large US stocks were sold and then “immediately, under 12 minutes, they…
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Stockal scam: Nearly 30 Indian investors allege ₹100 crore losses after US stock holdings sold without authorisation
There are several questions unanswered, including how the investors' accounts were accessed, who authorised the bulk liquidation of their US stock holdings and why the proceeds were allegedly channelled into concentrated positions in thinly traded Chinese securities.
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