US Stocks Gone? ₹29Cr Swapped Without Consent
Nearly 30 Indian investors found their Apple, Amazon, and Tesla shares secretly sold and replaced with a shady Chinese microcap stock — without their knowledge or permission. Here's what every Indian investing abroad must know right now.
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₹29 crore wiped in 15 minutes — that's 96 lakh cups of chai evaporating before your morning alarm.
Your US stocks could vanish overnight without your consent
Key Takeaways
Check your US investing platform's custody chain right now — log in and confirm whether your shares are held directly in your name or through a third-party foreign sub-broker, because that determines your legal recourse if trades go wrong.
Enable all transaction alerts — email, SMS, and app push notifications — on every overseas investment account so any unauthorised trade triggers an immediate alert before damage compounds.
File a complaint with RBI's Sachet portal and your platform's Indian registered entity if you suspect unauthorised transactions — do not wait for the platform to respond internally, as a formal paper trail strengthens any future legal or consumer forum action.
Nearly 30 Indian investors found their Apple, Amazon, and Tesla shares secretly sold and replaced with a shady Chinese microcap stock — without their knowledge or permission. Here's what every Indian investing abroad must know right now.
Here's what happened: Nearly 30 Indian investors allege their US stock holdings — including Apple, Amazon, Tesla, and NVIDIA — were liquidated without consent on October 15 and replaced with shares of Zhibao Technology, a thinly traded Chinese microcap listed on Nasdaq.. Securities worth approximately ₹29 crore were allegedly sold within two minutes, with proceeds used to buy 30.5 lakh Zhibao shares within 15 minutes — investors say they received no prior notice, OTP, or confirmation request.. The incident exposes a critical gap: Indian investors using overseas trading platforms operate under India's LRS remittance rules but have limited SEBI or RBI reach over the foreign broker actually holding and executing their trades..
What you should do: Check your US investing platform's custody chain right now — log in and confirm whether your shares are held directly in your name or through a third-party foreign sub-broker, because that determines your legal recourse if trades go wrong.. Enable all transaction alerts — email, SMS, and app push notifications — on every overseas investment account so any unauthorised trade triggers an immediate alert before damage compounds.. File a complaint with RBI's Sachet portal and your platform's Indian registered entity if you suspect unauthorised transactions — do not wait for the platform to respond internally, as a formal paper trail strengthens any future legal or consumer forum action..
Before sending money abroad under LRS, ask your platform in writing: 'Who is the named account holder and custodian of my securities — me, or your foreign partner?' If they cannot answer clearly, that is your exit signal.
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- [1]“Stockal’s US Trading Row: Missing Consent, A Chinese Microcap, And Unanswered Questions” Inc42 Media · 6 Nov 2026
This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.
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