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POSTED BY ON April 18, 2013 7:25 am COMMENTS (3)
One of my friend has been assured by another person who is doing commodity broking though online, that assured returns of 5% to 7% per MONTH. My friend requested me to speak with him and understand the things as he is not familiar with computes, online, trading etc. I visited his place, he seems to have the knowlege and playing with AGRO products. He was using some Local application and another application which he claimed that he has bought with Rs.2 Lakh. That suggests what to buy and sell. He was assuring he can double the money in an 10 months. His comission is 3% and rest 7% to the invester on monthly basis. I could not belive this as I have not heard of such investment option before.My friend is very tempted to invest as he has gauranteed 5K/month for 1 Lakh. One thing I have suggested is not to rush in and just invest small amount and see if he wants. My question is Is it really practical to get this kind of returns and also what would be your advaise to my friend in this case.
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Classical case of a Scam.
Ask, why does not he 1. sell off the Land 2. use that money (must be in some lakhs) to generate assured returns of 5-7% per month which actually means doubling in about 1-1.5 years and just keep doing it till he can corner all the wealth in the world!!!
And if he is not doing it with his own land, why?
Dear Ashal, Yes I understand your point. Its not practical at all. He is committing 5K/month for 1Lakh to my friend and he is willing to give power of attorney to his land for the money invested. So that in case of any issue he can sell it to get the money invested. That’s how he is convincing. In spite of me warning my friend might 1Lakh I guess. If he chooses to learn in hard way, that’s his own choice. Thanks for the response.
Dear Sarvanan, Please use your common sense. Can you give me the gusrantee of such returns? 10% mly as the person on the other hand is claiming, let him earn. Why he is parting 7% keeping only 3% for himself?
Regarding Agro product – Let’s test it on a very common sensical way. Say the amount is to be invested in wheat (not actually, just taking an example). Now as per 10% retutrn, what should be the cost of Wheat for the end consumer (you & me) after 4-5 months or 10 months?
Please answer.
thanks
Ashal