Thursday, 15 November, 2012

Fool & his/her money quickly part ways

Fool & his/her money quickly part ways

I've been watching with interest the news item about the "cheating couple".

Apparently, they have "looted" over Rs. 500 crores. This figure may be disputed, but indications are that the amount involved is huge.

What did they promise?

Here's a summary based on what I saw on TV News Channels:

The "Promise"
Hey folks, please deposit a sum of Rs. xxx with us.
You'll be paid an interest of
  • 20% per month for Six months
  • And your principal of Rs. xxx will be returned in the Seventh month
This essentially implies that you will more than double your money in much less than a year!
Hey friends, come, come quickly and put in all the money that you can right away with us! 

This promise reminds of the story about the "old, unfit tiger" which used the garb of "having renounced the world" to attract naive innocent victims only to kill them and eat them up.

When someone promises to double your money in 6-7 months, obviously there must be a catch in it. Especially when the bank deposits give you a return of less than 10% per annum. Especially when one of the greatest investors of all time, Warren Buffett generates a return of less than 30% per annum.

If you still get tempted and put in your hard-earned money with the couple who promised you to double your money in less than a year,
I'll certainly not have any sympathy for you - I'll not even admit that the couple has cheated you.

A fool and his/her money
Deserve to part ways
No regrets!



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