Following Moneycontrol's report on the Stockal platform, another aggrieved investor has come forward, saying his brother also lost around $1 million in an alleged scam involving unauthorised stock trades and the liquidation of US blue-chip stocks without his consent.
"My brother lost $1 million in a similar way, as has been reported in the media. He has been depressed since. My family members are concerned about his well-being, and they are mulling the next steps to get some relief," the aggrieved investor's brother said on condition of anonymity.
Read More - Investors lose over a Rs100 crores in Stockal Securities scam: Dozens of retail investors report unauthorized US stock liquidation
Stockal Securities is a Bengaluru-based Indian fintech platform registered with the Securities and Exchange Board of India (SEBI) that allows retail investors in India to buy and sell US stocks, exchange-traded funds (ETFs) and other foreign securities. It offers an India-facing app for account funding, trading and portfolio tracking, while partnering with US-based clearing brokers such as DriveWealth LLC to execute trades and hold assets in custody.
On November 3, Moneycontrol reported that nearly 30 retail investors had allegedly lost more than Rs 100 crore in unauthorised stock trades linked to Bengaluru-headquartered fintech platform Stockal Securities.