People lose money because of greed, stupidity, overconfidence….or what?

I saw a couple who had ‘invested’ Rs. 22 lakhs in a fixed deposit with a company. On probing I found that he had retired from government service and she had retired from a private sector job. He had a pension and she had a provident fund accumulation. She had made a fixed deposit of Rs. 500,000 and got the interest regularly. A family friend said “see we are getting the interest regularly for 2 years let us keep more” So another 17L followed.

Another family friend was the agent……one day of course…the company vanished. Now they are writing letters to the PMO saying “we are retired govt servants…..blah blah…”

No shortage of people who lose money regularly to ponzi schemes, not understanding mutual fund schemes….etc…and then of course there is the Nigerian scam…read on…the amount will stun you…

http://timesofindia.indiatimes.com/city/bengaluru/bengaluru-couple-loses-rs-1-3-crore-to-nigerian-lottery/articleshow/59708469.cms

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  1. Its pure stupidity in search for little higher returns.
    But its very scary considering they are retired professional. With current state of law and order, its very difficult they will get money back. Now there is never ending list of financial scans with regulator sleeping at wheel.

  2. It is the greed to earn quick money. Regulators can be blamed for everything, but there is no limit to the level scammers can go.

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