Wednesday, 9 June, 2010

Beware of conmen

I received a comment on one of my posts recently. I was wondering whether to write about it in my financial blog or my humour blog. Finally decided in favour of the financial blog. Reason: The potential pitfalls for people to get conned is so great that the matter is serious enough not to be treated as a mere joke to be laughed off.

First, read this comment on an earlier post:

indian stock market has left a new comment on your post "The American Tragedy / Comedy / Farce":

Dear Visitors,

This blog is really nice and informative. We are pleased to know this blog is really helping people.
Its our pleasure to post informative content on this useful blog created by webmaster.
We provide FREE service of Share Tips in BTST calls (Buy Today Sell Tomorrow).
We also offer Nifty Calls with short term view & Investment Plans with upto 400% Return On Investment.
Our Service is Absolutely FREE to those who open account with Reliance Money through us.
If you already have Reliance Money account, Still You can avail our FREE service. To do so, please Contact Us
Now I just want to tell you more Information in share market ,
who one earn profit in intraday just tell me once .
we gave a btst call in which we are making good profit and before 10 am we quit from market with a good profit .
just tell me once that when market open in green means +100 points , many stocks allready open in 1% to 2% up .
so how can you make profit . and when you enter in these level our smart investor quit the game and our intraday losser are hang in it .
so WHAT TO DO just contact us at we will tell you how you can success in it .we will tell you how you can make sure money in Nifty . JUST WALK WITH US JUST TALK WITH US AND EARN LOTS OF MONEY WITH US .
THERE is a one stock that gives 400% profit in a year .
from 10 years 2000 to 2010 it gives these types of profit .
we make 3 times money in it .
If some body want to check this stock status , just check the performance of this stock before invest ,
no one can make these types of profit through trading .
so just invest and make your money 400% in 1 year .
our services are free of cost .
to do so pls contact us at our site

My own observations:
  • First, this guy "amarinvestments" may be the very guru of Warren Buffett, and, may, in fact, multiply your money many times over.
  • However, I have my own doubts. On the contrary, it is more likely to be just another sales pitch to sell his / her financial service products like "Wealth Management",  "Broking Research", "PMS", etc.
  • The rationale behind my doubt is very simple. If a specific investment idea is going to generate 400% money in a single year, why would I be trying to go around, read other peoples' blogs, write comments on their posts, offer my services to make money for others, etc.??? Much rather, I'll simply sell out a good chunk of all my other investments and put all my disposable surplus money in this "Silver Bullet" "investment" - And retire rich.
While the world wide web is a rich source of often valuable information, it is also full of potential pitfalls like these. And, apparently, our regulatory framework is hardly robust enough to "take care" of such misinformation campaigns. The worst part is that this one is merely a comment on a blog. If any of you is going to contact "amarinvestments" or any such person, they'll have the ready excuse that "you came in search of their services" and subsequent losses, if any, is at your own risk.

And, of course, they are right about that part of it.

Moral of the story:
  • Beware of conmen!


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