₹100 Crore Stock Market Scam😱: Investors’ Apple and Nvidia Shares Sold Without Permission – What Really Happened?

Imagine investing your hard-earned money in popular companies like Apple, Nvidia, Amazon and Tesla. You regularly check your portfolio and expect your investments to remain safe. But one day, you discover your shares were sold without your permission and the money was used to purchase an unknown company’s stock.

Nearly 30 Indian investors faced this shocking situation in an alleged stock market fraud linked to Bengaluru-based fintech platform Stockal Securities. Reports suggest that investors have suffered losses estimated at more than ₹100 crore after unauthorised transactions in their overseas investment accounts.

The incident has raised serious questions about online investment platforms, account security and the safety of Indian investors putting money into foreign stock markets.

According to reports, the disputed transactions took place on October 15, 2026, during US market trading hours.

Investors have alleged that their holdings in major American companies, including Apple, Nvidia, Amazon, Tesla, Alphabet and AMD, were sold without their approval.

The money received from these sales was then allegedly used to purchase shares of a relatively unknown Chinese company called Zhibao Technology Inc., which trades on the US stock market under the ticker symbol ZBAO.

One affected investor told Moneycontrol that shares worth around $335,768 were sold from his account. The money was reportedly used to purchase 3 lakh shares of Zhibao Technology at an average price of $1.05 per share.

The situation became worse when Zhibao Technology’s share price dropped nearly 60% in the following days. It closed at around $0.42 on October 23.

The investor estimated his loss at approximately $4.26 crore.

Another investor claimed that US stock holdings worth around $3.1 million, or nearly ₹29 crore, were sold without permission. The account reportedly received 30.5 lakh shares of Zhibao Technology in return.

These cases show how quickly investors can face serious financial damage when unauthorised trading takes place.

Stockal Securities is an Indian fintech platform that helps investors access international stock markets, including US-listed companies. It works with overseas brokerage partners to provide trading and investment services.

Its US brokerage and custody partner, DriveWealth, has also become part of the dispute.

Stockal’s parent company, Borderless Investing, said its initial investigation found no evidence of a security breach in its own platform or internal systems. The company said an unauthorised third party may have accessed 26 customer accounts using valid login credentials. In 13 of those accounts, large US stock holdings were sold and the money was used to purchase thinly traded stocks.

The company suspects that phishing or social engineering may have played a role, but this possibility has not been confirmed.

DriveWealth, on the other hand, has disputed responsibility and said the unauthorised access happened through the Stockal interface.

As a result, questions remain about where the security failure happened and which company should take responsibility for investors’ losses.

The incident has led to complaints in India and the US. Some affected investors have approached the Securities and Exchange Board of India (SEBI) and the US Securities and Exchange Commission (SEC).

An FIR has also been registered in Bengaluru in connection with the alleged transactions.

However, investors may face challenges in getting their money back because the disputed investments involve foreign-listed shares and overseas brokerage arrangements. The regulatory responsibilities in such cases can be complicated.

The final responsibility for the incident and the possibility of compensation will depend on the investigation and relevant legal findings.

This case is an important reminder that investing through an online platform also involves security risks.

Investors should use strong passwords, enable two-factor authentication and regularly check their account activity. They should also keep copies of account statements, trade confirmations and transaction alerts.

Most importantly, investors should understand which company holds their shares, which broker executes their trades and how they can raise a complaint if something goes wrong.

The Stockal incident is not just about a reported loss of more than ₹100 crore. It raises a bigger question about how safe investors’ money really is when they depend on multiple companies to access international stock markets.

Note: The ₹100 crore figure is a preliminary estimate reported by the media, not a final, officially confirmed loss. The investigation is ongoing, and no final finding of responsibility has been established.