Edelweiss Mutual Fund CEO Radhika Gupta advices that investors should be looking at dal-chawal investing for steady and sure returns. Gupta’s advice comes after a massive ₹2,200 crore scam that has come to light in Assam, pertaining to fraudulent online stock market investments. Assam Police arrested Vishal Phukan and Swapnil Das, the two prime suspects in this scam. They were assuring investors of 30 per cent returns within 60 days.
The scam preyed on the greedy instinct for quick wealth and luxurious life, which Gupta said does not have any shortcut. Phukan and Das opened four fake companies to run the racket and even invested in Assamese cinema to give credibility to their business venture. Following this case, the Chief Minister of Assam Himanta Biswa Sarma launched an assault on illegal online trading. Himanta also asked the public to avoid brokers operating without regulations and promising unrealistic investment schemes.
Several e-trading companies in Assam have been found to conduct their businesses unrelated to guidelines from either SEBI or RBI and flouted the law relating to unregulated deposit schemes. Investors affected by the scam are now being advised to seek help from the courts. Phukan’s flashy lifestyle helped him attract gullible investors.
Key documents related to the scam were seized during a raid at his residence. Even Assamese choreographer Sumi Borah is reported to be associated with Phukan’s network development which adds further drama to the unfolding scandal.
Dal-chawal investing is safer than fake-promised returns
As apparent from the dal-chawal investing strategy of Gupta that she shared on social media, the worth of long-term, reliable investments is paramount. Such funds across diversified sectors offer steady returns, much like India’s staple diet, and are safer than fancy promises of instant wealth. Gupta also warned against schemes marketed with images of luxury cars and properties that often prey on vulnerable investors.
She said:
“(Rs) 2200 crore of fraud is heartbreaking stuff. How many reminders do we need that there is no fast route to riches… and usually if such a route is advertised with fancy cars in tow… it leads to fatal crashes. Stay safe. And stick to dal-chawal investing. It works. Without indigestion.”
The exposure of this scam reminded us once again that “too good to be true” offers should be shunned, and investments had better conform to legal limits. Sarma’s crackdown aims to regulate the online trading landscape of Assam and make it safer for investors.
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