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Term it as greed over good senses or lack of awareness; scams such as Bikebot & IMA investment schemes continue to flourish in our country with returns too good to be true and promise of the moon. If we look at the business plan of Bikebot scam, which has duped over Rs 1,400 Crore of investors’ money, the scheme looks dubious at first sight.
The Noida-based firm, Garvit Innovative Promoters Ltd. which had come out with the Bikebot plan, promised to double the money in a year, plus additional bonuses. By this way, it has attracted more than 2 lakh people to invest Rs 62,100 each (entry-level plan) in the multi-level marketing scheme.
In Bikebot scam the investors are promised a monthly return of Rs 9765 against the one-time investment of Rs 62,100, and if the amount is more than the three times of an entry-level plan, then the investors are entitled to additional bonuses of Rs 4,590 which doubles with every increase in plan amount.
Now, if we also look at the case of IMA which targeted the Muslim community and took advantage of sharia law. They promised investors a monthly return of 3-5 percent, which comes out to be as high as 36-60 percent in a year. Further, to make the scheme look genuine, all transactions were done through the banking system, and even, TDS was deducted on profits.
If we look at Bikebot & IMA the cases, the Bikebot case was quite easy for investors to identify compared to the IMA case, which played with both sentiments and investor’s money. So, after these two high-profile investment fraud cases, is it guaranteed that such incidents will stop?
The answer is no, and it will continue to flourish in one way or another, as it did happen after Saradha and Rose Valley. The cryptocurrency sector is also not alien to such scams and is already rocked by some big investment fraud cases like BitConnect, GainBitcoin, etc.
Deception, manipulation, or wrongdoings are not new and has existed in societies for centuries and will continue to exist. Even we have read in many mythological stories.
Every such incident should be an eye-opener for investors and check what could be learned, to avoid falling into such a trap.
One thing commendable about financial fraudsters is that they always come up with creative and innovative ideas to lure gullible investors, the regularity of investment frauds has shown how vulnerable our society is to such abuse. The recent expose of two significant investment frauds IMA and Bikebot are a case in point
Click here to be a part of myMoneySage Elite an exclusive community to the elite and discerning who want to maximize their wealth by leveraging the power of unbiased advice
Term it as greed over good senses or lack of awareness; scams such as Bikebot & IMA investment schemes continue to flourish in our country with returns too good to be true and promise of the moon. If we look at the business plan of Bikebot scam, which has duped over Rs 1,400 Crore of investors’ money, the scheme looks dubious at first sight.
The Noida-based firm, Garvit Innovative Promoters Ltd. which had come out with the Bikebot plan, promised to double the money in a year, plus additional bonuses. By this way, it has attracted more than 2 lakh people to invest Rs 62,100 each (entry-level plan) in the multi-level marketing scheme.
In Bikebot scam the investors are promised a monthly return of Rs 9765 against the one-time investment of Rs 62,100, and if the amount is more than the three times of an entry-level plan, then the investors are entitled to additional bonuses of Rs 4,590 which doubles with every increase in plan amount.
Now, if we also look at the case of IMA which targeted the Muslim community and took advantage of sharia law. They promised investors a monthly return of 3-5 percent, which comes out to be as high as 36-60 percent in a year. Further, to make the scheme look genuine, all transactions were done through the banking system, and even, TDS was deducted on profits.
If we look at Bikebot & IMA the cases, the Bikebot case was quite easy for investors to identify compared to the IMA case, which played with both sentiments and investor’s money. So, after these two high-profile investment fraud cases, is it guaranteed that such incidents will stop?
The answer is no, and it will continue to flourish in one way or another, as it did happen after Saradha and Rose Valley. The cryptocurrency sector is also not alien to such scams and is already rocked by some big investment fraud cases like BitConnect, GainBitcoin, etc.
Deception, manipulation, or wrongdoings are not new and has existed in societies for centuries and will continue to exist. Even we have read in many mythological stories.
Every such incident should be an eye-opener for investors and check what could be learned, to avoid falling into such a trap.
Click here to be a part of myMoneySage Elite an exclusive community to the elite and discerning who want to maximize their wealth by leveraging the power of unbiased advice
Term it as greed over good senses or lack of awareness; scams such as Bikebot & IMA investment schemes continue to flourish in our country with returns too good to be true and promise of the moon. If we look at the business plan of Bikebot scam, which has duped over Rs 1,400 Crore of investors’ money, the scheme looks dubious at first sight.
The Noida-based firm, Garvit Innovative Promoters Ltd. which had come out with the Bikebot plan, promised to double the money in a year, plus additional bonuses. By this way, it has attracted more than 2 lakh people to invest Rs 62,100 each (entry-level plan) in the multi-level marketing scheme.
In Bikebot scam the investors are promised a monthly return of Rs 9765 against the one-time investment of Rs 62,100, and if the amount is more than the three times of an entry-level plan, then the investors are entitled to additional bonuses of Rs 4,590 which doubles with every increase in plan amount.
Now, if we also look at the case of IMA which targeted the Muslim community and took advantage of sharia law. They promised investors a monthly return of 3-5 percent, which comes out to be as high as 36-60 percent in a year. Further, to make the scheme look genuine, all transactions were done through the banking system, and even, TDS was deducted on profits.
If we look at Bikebot & IMA the cases, the Bikebot case was quite easy for investors to identify compared to the IMA case, which played with both sentiments and investor’s money. So, after these two high-profile investment fraud cases, is it guaranteed that such incidents will stop?
The answer is no, and it will continue to flourish in one way or another, as it did happen after Saradha and Rose Valley. The cryptocurrency sector is also not alien to such scams and is already rocked by some big investment fraud cases like BitConnect, GainBitcoin, etc.
Deception, manipulation, or wrongdoings are not new and has existed in societies for centuries and will continue to exist. Even we have read in many mythological stories.
Every such incident should be an eye-opener for investors and check what could be learned, to avoid falling into such a trap.