Business: Edelweiss Mutual Fund Managing Director and Chief Executive Officer (CEO) Radhika Gupta endorsed simple investing than chasing unrealistic gains offered by potential fraudsters in the market to trap retail investors. Gupta said on her social media profile on PlatformX that investors should stick to “daal-chawal investments” (simple investing) than chasing unrealistic gains offered by people in the stock market. Edelweiss that if a way to make quick money with expensive cars is being advertised, it will lead to a “fatal accident”. “The ₹2,200 crore fraud is heartbreaking. How many reminders do we need that there is no fast route to wealth… and usually if such a route is advertised with fancy cars… it leads to fatal accidents,” Gupta said in her post on PlatformX. Gupta’s “dal-chawal investment” metaphor is a step towards safe investing and weaning retail investors away from the allure of quick money fraudsters in the stock market. He supported his reference by saying that it is safe and “it works. Without indigestion,” according to the post.
What is the ₹2,200 crore financial fraud case?
Gupta’s post on Platform X exposed a ₹2,200 crore scam perpetrated by a 22-year-old man, Swapnil Das, who used ostentatious methods like gleaming cars and guest appearances while promising investors around 30 per cent returns from the stock market. News portal India Today reported the original news of the arrest of two men for allegedly committing stock market fraud on September 4. The Assam police arrested two suspects, Vishal Phukan, 22, from Dibrugarh and Swapnil Das from Guwahati, for luring investors by guaranteeing a 30 per cent return on investments within 60 days, the news portal reported.
