Several unauthorised credit cooperative schemes are under SEBI scanner after discovery of the fact that they promise to double the money in 2-6 years.
A large number of ‘guaranteed-return’ schemes, being promoted through emails, websites, blogs and social media platforms, have come under regulatory scanner for luring gullible investors to unauthorised investment products promising huge returns.
Those under the scanner include entities offering “double your money” schemes in 2-6 years, sure-shot “inside information” investment tips, astrological stock market predictions, attractive portfolio management services, and “partnerships” in future’s big business ideas.
Some of the barred entities, including a large player engaged in a long-running regulatory battle, are suspected to have taken to the credit cooperative society route to garner money from the gullible investors with promise to double their money in a few years, they added.
To avoid regulatory glare, the operators of these schemes, possibly being run through front entities, are not using the traditional modes to promote their business and are mostly using closed member groups on websites, blogs and social networking media platforms.
