AMRESH PARAB | NT
Greed for money is driving people to fall prey to dubious investment options offered by fraudsters promising high returns on their investment.
Since 2017 the economic offences cell of the Goa police has registered around 20 cases of financial frauds pertaining to investments, and people from all walks of life have burnt their fingers losing lakhs of rupees after opting for various suspicious investment options.
“Whatever sounds too good to be true is normally not true. Don’t go for the schemes which assure very high returns,” advised EOC SP Shobhit Saksena.
He said that if people want to invest then they must make sure that the firm has obtained necessary approvals from the concerned authorities such as the Reserve Bank of India and the Securities and Exchange Board of India etc.
The fraudsters build up an illusion of a highly profitable investment scheme and mainly rely on word of mouth to publicise the scheme. At initial stage, investors are paid interest on the invested money so as to gain their confidence. This brings in more and more investors, police explained.
Depositors are assured high returns, above the market rate but people end up losing even the invested money.
“People are induced by the assurance of high returns, and the money is invested with hope of multiplying it,” Saksena said.
The senior police officer advised the people to seek details of the schemes in writing, and details as regards approvals obtained from the concerned agencies.
“Don’t go by oral representation. Ask in writing from the firm,” Saksena insisted.
He said that public can play a very important role in alerting the agencies on the dubious investment schemes.
Speaking about the recent case of ‘dreams2casino’ scheme, Saksena said that it had been brought to the notice of the EOC by an investor. “Subsequently our teams carried out a discreet inquiry and a case was registered. The accused were also arrested,” Saksena said.
The accused were running the dreams2casino’ ponzi scheme under the garb of putting people’s money in ‘casino games’, assuring daily returns of up to 3 per cent.
The dubious scheme was operated from Panaji for a month and had allegedly duped over 400 persons across India to the tune of over Rs 1 crore.
“People are aware that casino business can bring in high profits, and as such the fraudsters were able to woo a lot of investors in short duration,” Saksena explained.