An Indian investor has alleged that US stocks worth approximately ₹3.19 crore were sold without his authorisation through Bengaluru-based fintech platform Stockal on October 15. According to his complaint, the proceeds were used to purchase 3 lakh shares of Chinese digital insurance company Zhibao Technology.

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The disputed portfolio included shares of Apple, Tesla, Amazon, Alphabet, Nvidia and other major US companies. The investor claimed he neither initiated nor approved the transactions and did not receive alerts about the sales.

According to the complaint, 10 stock holdings were sold for $335,768.08. The proceeds were used to purchase Zhibao shares worth $315,681.25, with a reported commission of $3,000.

Subsequent account adjustments reportedly showed discrepancies in the securities and cash balances. The investor has sought restoration of his original holdings, including share quantities, acquisition dates, tax cost bases and dividend entitlements.

Stockal reportedly said valid login credentials appeared to have been used and that the registered email address or other account details had changed. The company said it had not identified evidence of a breach of its platform at that stage and was examining a possible phishing or social-engineering attack.

The dispute has also drawn in US brokerage partner DriveWealth, which reportedly attributed the unauthorised access to the investor's interface with Stockal. Both companies have made statements about responsibility, while investigations continue.

On November 4, Stockal's parent company, Borderless Investing, denied liability and said an unauthorised third party appeared to have accessed 26 customer accounts using valid credentials. It said its investigation had found no evidence of a breach of its own platform or infrastructure.

The wider controversy has raised concerns about investor account security, transaction alerts and the responsibility of financial platforms. However, the cause of the disputed transactions and the parties ultimately responsible have not yet been established.