Police in February registered their first fraud case against a car counselor for defrauding a public sector bank of Rs 47.7 billion. A car counselor is a liaison between the buyer, the car dealer, and the bank that issues the loan.
Police also registered two separate cases against stock brokers or agents for defrauding investors of Rs 17 million in April and Rs 8 billion in January. Another lawsuit was filed in March against an investment company owner who defrauded 250 people of Rs.300 crore.
Police have registered other fraud cases with amounts ranging from Rs.100 crore to Rs.300 crore in the past four months.
Professor of Finance Rajas partur A professor at the Gokale Institute of Political Economy told TOI that greed and impatience are exploited by fraudsters.
“When people ignore reality and want to make quick money, they get caught up in the unrealistic picture drawn by scammers. lack financial literacy,” he said.
Parthur said the scammers have had questionable schemes in recent years.
“Rationally, market (equity) related schemes can only yield up to 14% return, but scammers have launched schemes that promise investors 20% to 24% return. I don’t know how people would believe such a promise, and that’s a concern.Many people have lost their jobs and are experiencing financial insecurity since COVID-19. They want to make quick money and are looking for such schemes, and scammers are preying on this desire,” he added.
Lawyer Ameya Danzi said most people are looking to make a quick buck and the trend is harmful. “Scammers run pyramid schemes and pyramid schemes to entice people with promises of profits of 20% or more, but this is impossible. Small and medium business people, in some cases, continue to invest their money in such schemes knowing that they may be deceived by the operators,” he added.
Victims of the produce fraud case said the scammers were operating out of offices in the city’s upscale commercial complexes. banner. “When I visited their office, they were exhibiting their products and making brochures. After seeing it, I decided to invest 45 million rupees, but within a month the office closed. and they disappeared,” he said.