The Central Crime Station police, Hyderabad busted the racket being run by Annex India Securities Ltd and arrested the managing director and others. But by the time police swung into action, the organisers of the money circulation scheme has already made Rs. 100 million. It has been warned several times in this blog not to fall prey to the easy and quick money and it is sad to note that several thousands of people again lost their precious earnings to a swindler.
The modus operandi is simple. One has to become a member paying Rs. 20,000 and they have to enroll more members to earn commission. But here the organisers of the scheme are offering an interest of 18 per cent per annum on the fictitious deposit and that made it all the more attractive. Nobody ever thought from where do the organisers pay such fancy rate of interest.
The other day, an advertisement was published in an English newspaper inviting people to invest Rs. one hundred thousand and they would be paid Rs. 1250 every day for one hundred days. That is, in three months the investors would get back Rs. one hundred and twenty five thousand. I immediately called the organisers to know what do they do with the money. I was told that they would invest in forex market and make a lot of money which would be shared with the investors.
I asked them whether they had Reserve Bank of India permission to mobilise deposits from public. They immediately cut the telephone and never responded again. That is how these swindlers make money.
My fellow countrymen, never fall prey for easy and quick money. There is nothing like it. Save your money. There are many such firms which are raising public deposits without the authorisation of Reserve Bank of India. Sahara India, PACL, Agrigold are some of these swindlers. There is no safety for your money and they may vanish any time.
Beware of these swindlers!
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