Leading brokerage Angel One has sent out an advisory to its clients, asking them not to engage with finfluencer Dinesh Kirola.
Kirola's social network has been fast-growing one, with more than 5 lakh Instagram followers and nearly 4 lakh YouTube followers, besides the subscribers for his Telegram channel and WhatApp group.
On August 23, Moneycontrol had done an article on Kirola, who was a referral partner of various leading brokerages including Angel One, being accused of manipulating his trading profit and loss (P&L) statements to bag more students for his courses and to funnel more people to partner brokerages.
Following this, the brokerage has sent out the latest mail to all its clients. Also, the page that hosted Kirola’s referral links—to open accounts with various brokerages including Angel One—is now empty.
Angel One’s mail to clients said, “In our continuous effort to keep you safeguarded from the market-related frauds and increase awareness while conducting trades, we request you to ensure that you do not engage with the individual mentioned below.”
It added, “Person named ‘Dinesh Kirola’ operating through mobile number ‘84498 63550’ who runs various social media accounts under the name Stock Burner is providing stock market courses and populating his account profit & loss in social media to attract investors”.
General caution
Kirola had been accused of manipulating his P&L statement in a video titled “How I made profit of +5 lakh Nifty Expiry-150% RoI”.
The brokerage’s advisory added a general caution about entities who offer guaranteed returns in the stock market.
It said, “The investors are cautioned and advised not to subscribe to any such scheme/product offered by any person/entity offering indicative/assured/guaranteed returns in the stock market as the same is prohibited by law. Participation in such prohibited schemes/platforms is at investors’ own risk, cost and consequences. Further, investors are advised not to share their trading credentials such as user id/password/OTP/PIN with anyone”.
Many finfluencers use edited P&L statements that suggest/indicate high returns to advertise their illegal portfolio management services.
Investors, seeing these misleading posts, often share their trading account’s login details so that the finfluencer can trade on their behalf.
Kirola shot into prominence after a few interview with mainstream media and digital channels projected him as a former fauji who turned his life around with trading.
After Twiterrati had caught him out, on the P&L that didn’t add up, Kirola had posted a video apologising for a mistake.
Moneycontrol tried to reach him through various messages on phone and by email but got not response from him.
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