Edelweiss Mutual Fund’s managing director and chief executive officer (CEO), Radhika Gupta, supported ordinary investing compared to chasing unrealistic gains offered by potential fraudsters in the market waiting to entrap retail investors.
Gupta took to her social media profile on platform X and said that investors should stick to “dal-chawal investing” (ordinary investing) compared to chasing unrealistic gains offered by people in the stock market.
The Edelweiss Mutual Fund head focused on the importance of investors understanding that there are no quick ways to earn money, and referring to the fraud case, she said that in case a quick money way is being advertised with expensive cars, it will lead to a “fatal crash.”
“2,200 crores 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,” said Gupta in her post on platform X.
Gupta’s “dal-chawal investing” metaphor is a move towards safe investing and driving away retail investors from the allure of the quick money fraudsters in the stock market. She backed her reference with saying that it is safe and “it works. Without indigestion,” as per the post.
What is the ₹2,200 crore financial fraud case?
Gupta’s post on platform X highlighted the ₹2,200 crore fraud carried out by Swapnil Das, a 22-year-old individual, through modes of showoff such as flashy cars and guest appearances while promising nearly 30 per cent returns to investors from the stock market. News portal India Today reported the original news of two people’s arrest over fraudulent stock market investments on September 4.
Assam police arrested the two suspects namely Vishal Phukan, 22, from Dibrugarh, and Swapnil Das, from Guwahati, over alleged charges of enticing investors by guaranteeing a 30 per cent return on investment within 60 days, according to the news portal’s report.
“There is no legitimate system for investing in the stock market through these online trading firms. Fraudsters are misleading the public. I urge everyone to stay away from these scams,” said Chief Minister Himanta Biswa Sarma, warning against such schemes, according to the report.
According to the report, Phukan used his luxurious lifestyle to draw in investors. He had four fake companies investing into Assamese cinema, and acquired multiple properties as a part of the scheme, said the police.