How to Avoid Common Frauds and Scams
Everyone wants to find a way to make quick money but it is important for us to be aware of the dangers and risks involved in schemes offering massive “guaranteed returns”. Many people fall for these scams due to a lack of knowledge, misplaced trust in the scamsters, and their own greed. Due the increasing number of these cases, the Mumbai Police has come out with some guidelines for the public:
WHAT THEY SAY
- Double your money in two months or less.
- Post-dated cheques as a guarantee for the same.
- Claim they do it by investing in some wonder projects or plantations.
- Huge sums of money by being a part of the gift chain i.e. you gift a certain amount of money to two people, then find two people who will enter the chain by gifting you the sum. They in turn will get two more subscribers, and so on.
- As the scheme is run by a registered company, it is absolutely safe.
- All schemes offering high returns of double money within two months or such short spans have no legal sanction, nor are they reliable.
- Post-dated cheques are not a guaranteed payment device, as they could bounce when you finally present them.
- There are no projects, especially agriculture based, which can give returns in less than a year. In fact, tree plantations take at least 10 years to mature.
- Gift schemes and chains are an offence under the Prize Chits and Money Circulation Schemes (Banning) Act of 1978.
- Even registered companies are not allowed to promote and run any such schemes.
Be sure that you know the person you are dealing with, so that you can make the right decisions for the sake of your future.
Source: This information has been obtained from the website of the Mumbai Police https://mumbaipolice.maharashtra.gov.in
Tags: Personal Safety