Fraudsters claiming to give 1000% returns in one year! There have been thousands and lacs of scams in India like that. But the case that we will discuss today is very different from others. Here, in this case, Vishal Phate promised the people 6000% returns in one year. Meaning, you give me Rs 10 lac, and i will return Rs 6 Crore to you in one year. You might be laughing at this, But a lot of people have been duped in this scam. So let us find out what is this entire matter.
who is Vishal Phate?
Who is being called the Harshad Mehta of Barshi. This story is very different and interesting. The son of a professor, Vishal Phate had a cyber cafe on Barshi's College Road. In his free time, he used to check stock prices. And thereafter he slowly started trading and investing also. Whoever used to come his place,
He started telling them about trading and investing. He started telling some of his friends that he is making big returns from the stock market. And they can also make it. All they need to do is to give him their money. And I will generate quick returns for you. Those friends were very close to Vishal, And hence they gave him some money. And just within one month, Vishal Started giving them 30-35% returns. The people thought that banks annually give them just 5-6% returns And here they are getting a monthly return of 30% - 35%. This was nothing less than magic to them
They asked Vishal how did he gain such high returns? To which the Vishal Phate replied that he does trading in the stock market. He invests in IPOs and also does Algo trading. Although the people did not understand any of these terms, but upon hearing these names, perhaps they used to feel that these things would indeed fetch them such high returns. And they started trusting whatever Vishal Phate said to them. Slowly friends of Vishal started spreading this information to their friends and relatives. They also started giving their money to Vishal. And that's how it started spreading.
People who invested in the beginning, they started getting regular returns. Upon seeing this, a lot of other people also started getting attracted towards this scheme. Just sometime back Vishal also got an award from a media company. So Vishal used to flaunt that award to attract people. that I have a lot of expertise in stocks markets. Also, in a lot of Marathi News Channels also, he would appear as a stock market expert. Which instilled a lot of confidence in people that Vishal truely is a stock market expert. I would also comment on the TV news channel's stock market experts.
But we will discuss that later in the video. More and more people started investing their money in Vishal. With that, Vishal formed three new companies. Foxtrading Solutions, Alka Share Services and Vishalka Consultant Services. And very soon he handed over his cybercafe to his brother. And focused entirely on these three companies. Vishal also developed an app through which he used to share his track record to other people. And a lot of these figures were manipulated. People also started blindly trusting them. He would also share some excel sheets with people.
Claiming that he has done some back testing and he could give such returns to them as well. If the people gave him their money. After some time, a lot of people went to Vishal for withdrawal. Because they needed money at that moment so he should return their money to them. But Vishal, like all other ponzi schemes, used to circulate money from new investors to old investors as an interest or return on investment. But when more and more people started asking for their money back, Then problems arose. As to how to refund the money to people. Because the returns that he was giving the people
Were not actually the returns from the stock market. He was just circulating the money from new investors and giving it to old investors. And so whenever anybody came to Vishal asking for withdrawal, Vishal used to tell them that in the next month, some very important IPOs are going to come. And this is the time to invest more money and not to withdraw. Many times people, after hearing such stories, would wait patiently. But after some time, they would again come back for their money. And therefore Vishal came up with a new scheme. Which was a very interesting one. In this scheme, Vishal told people that if we are self-trading,
We cannot give much time. Whereas if we are using a software, we can multiply our profits manifolds. For that, he joined hands with a friend of his in Delhi And he designed a software. With the help of which, he can easily generate returns of 6000% per year. The name of this new strategy of his was Algo Trading. Although, the people in the opposite side could not understand much with the term - 'Algo Trading'. But they were perhaps impressed with the term. And hence they invested in the scheme. Here also, an artificial scarcity was created.
That only 40 investors will be able to invest in this scheme. Saying just forty, how many people invested in the scheme, this is not clear as of now. But the size of this whole scam is claimed to be between Rs 20- 200 Crores. When people started investing in this new scheme also, and later on when they requested for withdrawal, his phone became unreachable. In some of our previous videos, we had gifted you the shares of Apple and Google. And today we are going to gift you Amazon Shares. A popular investor, Peter Lynch used to say,
We must invest in companies, which we use on a daily basis and we see some growth in the same. Nowadays, we watch movies on Netflix or Amazon Prime. We do our shopping on Amazon, and we use Apple Phones. And sometimes we even think, how good would it be If we could benefit from the growth of these companies? Now you can also buy fractional shares in the US stock market. Meaning, a small part of a share. You might think, to invest in the US stock from India, will involve a lot of charges and commissions. And therefore, we use and recommend the IND money app. for investing in the US stocks.
Here the account opening, maintenance and brokerage fee is zero. And here you will get the best exchange rates. And here, together with IND money, we are giving you Amazon shares for free. For that, you need to click the link given in the description. And sign-up in the IND Money app. Or else, using the play store or app store, install the IND Money app. Use the promo code- CONVEYAMZ at the time of sign-up. After that, you will get your free shares in the rewards section. So, do share this link with your friends and family as well. After some time and inquiring a little, it became known that Vishal has gone to some other city.
But he is just not returning back. Afterwards, people understood that they have been scammed. And their money is stuck. Although like other Ponzi schemes, at the time of investment there was no agreement in place. Or the agreement did not have any value. The people who are caught in the scam, are claiming the refund of their money. But as we all know, in case of a ponzi scheme, In most cases, you would hardly get your money back. Currently, Vishal has surrendered in front of the police. But what about the investors who invested crores of money into this?
Here, I am going to tell you some more recent examples like this. Because such fraud schemes are just not stopping these days. In the Maharashtra's Aurangabad District - Kannad village, A lot of land of the farmers was acquisitioned by the DMI. that is Delhi-Mumbai-Industrial corridor. And as a compensation, they received a very good amount. Here the scamsters devised a plan. They thought, why not trap the farmers. And they devised a scheme and named the scheme 3030. Which meant, in one month they would get 30% returns. So initially whoever invested in this scheme, some posh four-wheelers started coming to their place.
And their number plates were also 3030. The money was being unloaded from the vehicle and given to them. So that other people can also see that. Hence the farmers started thinking that the banks are giving them 5-6% returns. So they should all the money in this scheme. So that they would big returns and the money will also get doubled soon. Hence the farmers invested more and more money into this scheme. But the way other ponzi schemes end, the same way here also happened. In the first part of our documentary series, 'Dark Money'
We have talked about the same things. So be sure to check out our series. And share it with others so that people don't get trapped in such scams. And one thing I want to tell you here. That making money is not an easy job. Making money is not at all easy. If anybody is giving you more returns than a government bond, then you must understand that there is a lot of risk involved. No one can give you 35% or 40% returns annually or monthly. Without any risk. So please understand this fact and then make your decision. Because the speciality of all Ponzi schemes is that
Every time it comes in a different form. No matter how hard we try to make you aware of this fact, their next scheme will be very different. So you have to be very prepared in advance. A lot of such schemes are currently running in India. But it is not possible for us to cover them all. So if any such scheme is going on around you, Please share it with everybody by commenting below. So that all of us are aware and safe from such frauds. So before leaving, go and check out the IND Money app. and claim your free shares of Amazon. Now, more than 3 million Indians are using the IND Money app.
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