Is it the lack of awareness or a greed to double money in a few months that make people fall in scams and frauds. Not doing proper validation and not considering market rules & regulation is the major reason of increasing number of scams these days.
We came across incident where people lose their hard-earned money and entire savings in a matter of a few months.
If anyone claims to provide you 12% or more return per month, have you ever asked how. Most of the times, victim didn’t take a pain to ask where these investments company would invest.
And the most important part, they don’t check the registration details or ask for it.
All these concerns become a major reason of getting trap in scams and major losses. Recently we came across one such scam where Mohammad Suhail (name changed) lost ₹5 lakh in one of the fake investment schemes.
Here is the narration of the conversation of Mohammad Suhail with one of our team members.
ADB: Hello Mr. Suhail, please tell your concern.
Suhail: Sir, I got scammed by one of the investment companies Get Profit India Pvt Limited (name changed) who claimed to provide a return of 12% on investment.
ADB: Is the company SEBI registered?
Suhail: I don’t know as I am not aware of all this.
ADB: Mr. Suhail, as per the SEBI regulations, any registered or unregistered entity cannot claim to provide you guaranteed return on investment. It is important to stay aware and alert. Please tell, what happened next?
Suhail: I invested ₹5 lakh in their scheme.
ADB: So, where did you transfer the money?
Suhail: I trasnferred in the bank account shared by them. They said that they would use this capital to trade and invest in high return generating assets.
ADB: Then did you get the return?
Suhail: Yes, for the first two months they transferred ₹12,000 per month to my bank account and later for a few months they transferred ₹10,000.But for the last 3 months they were only providing ₹4,000 per month.
When I asked them they told me that market is volatile hence they are not making huge investment. I then thought of withdrawing from scheme so I asked them to return my capital on which they refused.
I called them continuously and now they have blocked my number.
ADB: Did you report this case anywhere?
Suhail: No sir, I have no idea where to report this case and how to get my hard-earned money back.
ADB: Since it is a digital fraud, you can file a complaint in Cyber Crime. Document every proof you have and report this case to cyber crime online.
Suhail: Okay sir. Thanks for the help!
ADB: You are welcome. Feel free to reach out for any further assistance and also stay aware and alert to protect yourself from such scams in the future.
Suhail: Sure sir.
So this is purely a case of falling in greed due to lack of awareness and proper knowledge. Further to earn high returns, the victim didn’t take a pain to validate background of the company and transferred money to scammer’s bank account.
It is your hard-earned money and thus your responsibility to protect it by getting aware and verifying every possible detail before investing.
