Indian Investors Allege Unauthorized Trading on Stockal, Portfolios Swapped

Inc42 · startup

Nearly 30 Indian investors claim their US stock portfolios, including shares of Apple and Tesla, were liquidated without consent on October 15. The proceeds were allegedly used to purchase shares of a thinly traded Chinese microcap, Zhibao Technology. Investors report losses exceeding ₹100 crore, with one stating $3.1 million in securities were sold within minutes. Stockal, which partners with DriveWealth for US investments, stated an unauthorized third party accessed 26 accounts using valid credentials. An FIR has reportedly been registered in Bengaluru as investigations into security lapses continue.