Duping Gullible Investors
September 10, 2009 7:53am CST
In my city there are a surfeit of fly by night operators in link with the local authorities who are duping the public at large by promising them fantastic returns on investment.They collect deposits from people promising to give high returns and then when the sum falls due they are impossible to locate leaving the poor investors in the lurch.I seek help from fellow mylotters on the best way to tackle such unscrupulous businessmen.
10 Sep 09
The best way to handle such people is first of all to be safe than sorry;You should do your preiminary research well before you deposit your hard earned money with them and not get lured by a promise of higher return.You must always remember, that even if you get some high interest that may be all and that your capital may disappear. Secondly, if by chance you want to invest invest that amount which you can afford to lose. Once You see a potential default go after them on a daily basis[if they have still not closed shop ] and claim your money.Once I had deposited a simple sum of RS1500 with a company[this was once a big one and in our place the managing director was a decent person and came with good recommendations];THe company was about to close and I virtually gave up.[it was my simple pocket money earned ]My husband went to the company on a daily basis and said that they could even repay it one rupee after one rupee and that he would collect it willingly .I admire him for his courage and the people finally relented and gave my money back.My husband was/is not a poor man and is a highly qualified professional.H would not touch a dime of mine but he said thAT the company had no business to default on hard earned money and he retrieved it for me.I really am proud of the way he went about it.I would have thought twice about doing such a thing. Hats off to him!
10 Sep 09
Thank you for your positive comment.It is rather commendable of my husband and I too admire him.He was also the head of an investors' association and till date many local investors hold him in very high regard.We have relocated to a distant place, but still one investor comes to see him every year and attributes a lot of credit to him.
10 Sep 09
In link with the local authorities. Then the best thing you could do is educate the public, hold meetings organize seminars, get in contact with people that have been ripped off, get them to help you spread the word, put up flyers, and teach people to research before they invest their hard earned money.
10 Sep 09
Yours is an excellent way to spread awareness among people that they have to be wary of the kind of unscrupulous businessmen they are dealing with.Yes, i accept your response that one has to make a thorough study before deciding where to invest one's hard earned money.