Claims of huge returns on investment merit scepticism

Police with Madhukar Parate after they recovered R9.5 lakh he lost

The Manpada police in Dombivli have arrested three persons in a cyber fraud case to the tune of Rs 72 lakh. Two were held in Delhi while the other was held in Goa.

The three were traced through the bank accounts that two of them were using to make fraudulent transactions. In this instance, a former division manager of a well-known bank and a Dombivli resident received a call from the fraudsters who lured him with "high returns" on his investments and coaxed him into paying them.

The target's investment details were known to the scamsters who convinced him that he deserved more. They convinced him that they had a way to get him more benefits. The target started parting with money before his son realised this was a scam.

How did the accused know about the victim's investments? Are companies divulging details to people? Are some employees complicit in these scams or do they just not prevent details from leaking out? Investigators need to get to the source of the leak and learn how the scamsters came to know about the investment details. Even if there is no collusion, there has to be a serious effort to find out, as this may affect numerous investors and shake the faith of the public in investment avenues.

People need to look suspiciously and cynically, in fact, at claims that promise some kind of ‘humongous' returns. Even lures like ‘instantaneous returns' or faster money have to be checked and double-checked. It is unfortunate that people get snared by feel-good, slick and obviously false talk. If these scamsters promised ‘more' then, the victim needed to talk to somebody who may ask them to consult a bona fide agent or expert.
Cross-checking, taking other perspectives and asking questions are ways to avoid traps.