Monday, November 12, 2012

Stock Guru Scam

An interesting article in The Times of India today on a financial services website Stock Guru which turned out to be a scam and. The cops finally arrested the couple behind the scam after one and a half years of "chasing" them. The accused managed to dupe 2 lakh people of Rs. 1100 crores!! For the American readers of the blog, that's 200000 people and 1 crore is equal to 10 Million!! I know I might not be taking a very popular stance here but I blame these 200000 people more than the couple who carried out the fraud. Why?? The firm promised a 20% return every month!! Read that again. 20% return every month! If you fall for something like that, you deserve to have your money taken away from you. Sadly, there is no dearth of such websites and firms in India right now. Here's the link to the full article if you want to read it.

Take care and good luck!

1 comment:

Anonymous said...

Greed leads to grief. Get rich quick syndrome has afflicted many people in India. Old fashioned hard work and patience doesn't appeal to people anymore. Everyone wants to be a business tycoon throwing around big numbers and building castles in the air. Runaway inflation seems to have increased this desperation to get rich even more.