The recent Stock Guru scam, being reported in print and television media, is not the first time people have been fooled — nor will it be the last time.
It is indeed strange that, despite wide media reporting of many such scams in the past, people continue to get conned so easily. Why don't they accept the fact that earning "high" returns is not possible. Therefore, if someone promises to give "high" returns, it can safely be assumed that you are being taken for a royal ride. Forget about "high" returns, you would indeed be very lucky to even get your principal back.
By the way, even more strange is the fact that many of these victims are well educated professionals and highly successful in their respective fields. I wonder why they don't use their intelligence when it comes to investing their money.
I don't think this write-up will make any significant difference — scams will continue to happen and people will continue to get ripped.
But I am still writing this piece in the fond hope that
...at least one person will become cautious after reading it
...at least one person will convince his friend/colleague/neighbour to not fall prey to such scams
...at least one person will spread the word around and warn others
I repeat...promises of "high" returns are FAKE FAKE FAKE
Therefore, NEVER
- NEVER chase fixed deposit type of assured return products offering more than 8-10%
- NEVER chase equity type returns of more than 15%
- NEVER give your money to anyone other than those with IMPECCABLE REPUTATION
Please...please do take good care of your money.
It is indeed strange that, despite wide media reporting of many such scams in the past, people continue to get conned so easily. Why don't they accept the fact that earning "high" returns is not possible. Therefore, if someone promises to give "high" returns, it can safely be assumed that you are being taken for a royal ride. Forget about "high" returns, you would indeed be very lucky to even get your principal back.
By the way, even more strange is the fact that many of these victims are well educated professionals and highly successful in their respective fields. I wonder why they don't use their intelligence when it comes to investing their money.
I don't think this write-up will make any significant difference — scams will continue to happen and people will continue to get ripped.
But I am still writing this piece in the fond hope that
...at least one person will become cautious after reading it
...at least one person will convince his friend/colleague/neighbour to not fall prey to such scams
...at least one person will spread the word around and warn others
I repeat...promises of "high" returns are FAKE FAKE FAKE
Therefore, NEVER
- NEVER chase fixed deposit type of assured return products offering more than 8-10%
- NEVER chase equity type returns of more than 15%
- NEVER give your money to anyone other than those with IMPECCABLE REPUTATION
Please...please do take good care of your money.