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Today Date : Saturday, April 20, 2024

Fraudulent Financial  Institutions:  Don't be fooled anymore!

Fraudulent Financial Institutions: Don't be fooled anymore!

Tamil Nadu is rocked by the news of financial institutions scamming people out of crores of rupees by pretending to give high interest rates. Arudra Company- Rs.2,125 crore, IFS Financial Company -Rs.6000 crore, Elpin E Com Company - Rs.5000 crore... All this is not the profit earned by those companies; All those crores are the amount of people cheated and scammed.

There is no investment plan for these money laundering companies that give up to 25 percent interest and Rs. 20,000 per month for an investment of Rs. 1 lakh. They take investors' money and pay extra interest for a few months. Then they roll up and leave. Most companies engage in fraud in this fashion. This type of fraud is called ``Ponzi scheme.”

In Coimbatore, the Economic Crime Police have registered a case against 5 companies involved in such scams namely Green Crest, Dreams Maker Global, Aero Trading, Vinwealth, Kongunadu Annai chits and have received complaints from the cheated people and conducted an investigation.
What will the police do after fraud? They will register a case and arrest.

But how much of the lost money will be recovered? Only a very small amount is likely to be recovered. May not be available.Hence, it is wise for people to avoid investing in such fraudulent companies. The ancestors have said that greed is a great loss. It is strange that not only the uneducated but also the educated people are deceived by the desire for extra interest.

Who is responsible if the scam continues despite police warnings and awareness?The people are the first responsible. Don't be fooled anymore, your money is hard earned and not idle money. Be careful!